ObamaCare Tax Causes Additional Layoffs

[red states rule]

As if this would come as a surprise to anyone

Yes, the Obama economic "recovery" continues to roll along. Too bad it takes many people right to the local unemployment office. But that's OK as unemployment checks and food stamps are considered "great stimulus" for the recovering economy

Or so we are told




As if today’s announcement from the Obama administration regarding the minor changes to the Affordable Care Act was not depressing enough, a global medical company called Smith and Nephew has now said that they are going to layoff nearly 100 workers in their Tennessee and Massachusetts offices. The company cites ObamaCare as their reason why.


"Unfortunately, and in order to absorb this cost burden into our business, this has meant less than 100 positions have been made redundant across various departmental functions in our Tennessee and Massachusetts sites," they said in a statement released earlier this week.


The specific cost that the statement referred to was the Affordable Care Act’s 2.3% tax on medical devices. This tax took effect on January 1, 2013.
Similarly, other medical companies have been forced to lay off workers as a result of this tax. Last November, medical supply company Stryker announced (http://townhall.com/tipsheet/michellemohr/2013/02/01/”) it would have to nearly 1,200 jobs, or five percent of its worldwide workforce, and the Advanced Medical Technology Association estimates that the medical device tax could cost up to 39,000 U.S. jobs (http://townhall.com/tipsheet/michellemohr/2013/02/01/”). So much for job creation.

http://townhall.com/tipsheet/michellemohr/2013/02/01/obamacare-tax-causes-additional-layoffs-n1503392

[red states rule]

I thought Bing would pounce on this thread with the WH talking points

[Marcus Aurelius]

I thought Bing would pounce on this thread with the WH talking points

What WH talking points will change the fact that jobs are being lost specifically because of Obamacare?

[red states rule]

and the job losses are just beginning. Check out all the new taxes contained in Obamacare - they hit every single income level

So much for the Obama "promise" that if you make less then $250,000/yr you will not pay a penny more in taxes.

(and these are on top of the tax increases already passes to "solve the debt issue")




$123 Billion: Surtax on Investment Income (Takes effect Jan. 2013): A new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income:

<tbody>


Capital Gains

Dividends

Other*



2012

15%

15%

35%



2013+

23.8%

43.4%

43.4%


</tbody>

*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens. (Bill: Reconciliation Act; Page: 87-93)
$86 Billion: Hike in Medicare Payroll Tax (Takes effect Jan. 2013): Current law and changes:

<tbody>


First $200,000
($250,000 Married)
Employer/Employee

All Remaining Wages
Employer/Employee



Current Law

1.45%/1.45%
2.9% self-employed

1.45%/1.45%
2.9% self-employed



Obamacare Tax Hike

1.45%/1.45%
2.9% self-employed

1.45%/2.35%
3.8% self-employed


</tbody>

Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93

$65 Billion: Individual Mandate Excise Tax and Employer Mandate Tax (Both taxes take effect Jan. 2014):
Individual: Anyone not buying “qualifying” health insurance as defined by Obama-appointed HHS bureaucrats must pay an income surtax according to the higher of the following

<tbody>


1 Adult

2 Adults

3+ Adults



2014

1% AGI/$95

1% AGI/$190

1% AGI/$285



2015

2% AGI/$325

2% AGI/$650

2% AGI/$975



2016 +

2.5% AGI/$695

2.5% AGI/$1390

2.5% AGI/$2085


</tbody>

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337

Employer: If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

(Combined score of individual and employer mandate tax penalty: $65 billion)$60.1 Billion: Tax on Health Insurers (Takes effect Jan. 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2018. Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993
$32 Billion: Excise Tax on Comprehensive Health Insurance Plans (Takes effect Jan. 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions. CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956
$23.6 Billion: “Black liquor” tax hike (Took effect in 2010) This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105
$22.2 Billion: Tax on Innovator Drug Companies (Took effect in 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980
$20 Billion: Tax on Medical Device Manufacturers (Takes effect Jan. 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986
$15.2 Billion: High Medical Bills Tax (Takes effect Jan 1. 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995
$13.2 Billion: Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Takes effect Jan. 2013): Imposes cap on FSAs of $2500 (now unlimited). Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center (http://ncrcpreschool.org/page.php?pid=11http://ncrcpreschool.org/page.php?pid=11http://ncrcpreschool.org/page.php?pid=11)) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. Bill: PPACA; Page: 2,388-2,389
$5 Billion: Medicine Cabinet Tax (Took effect Jan. 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959
$4.5 Billion: Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Takes effect Jan. 2013) Bill: PPACA; Page: 1,994
$4.5 Billion: Codification of the “economic substance doctrine” (Took effect in 2010): This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113
$2.7 Billion: Tax on Indoor Tanning Services (Took effect July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399
$1.4 Billion: HSA Withdrawal Tax Hike (Took effect Jan. 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959
$0.6 Billion: $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Takes effect Jan. 2013): Bill: PPACA; Page: 1,995-2,000
$0.4 Billion: Blue Cross/Blue Shield Tax Hike (Took effect in 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004
$ Negligible: Excise Tax on Charitable Hospitals (Took effect in 2010): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971
$ Negligible: Employer Reporting of Insurance on W-2 (Took effect in Jan. 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957


http://jeffduncan.house.gov/full-list-obamacare-tax-hikes

[red states rule]

and the news continues to leak out how Obamaacre is going to impact the economy and serfs who have to live under this massive tax bill




The House Ways and Means, Education and Workforce, and Energy and Commerce Committees have teamed up (http://waysandmeans.house.gov/news/documentsingle.aspx?DocumentID=319029) on a new report called the “ObamaCare Burden Tracker (http://www.debatepolicy.com/waysandmeans.house.gov/uploadedfiles/aca_burden_tracker_.pdf),” meant to function as “a real-time online resource to help the public keep track of all of the new government mandates, rules, and red tape as a result of ObamaCare.”

Every hour and dollar spent complying with the Democrats’ health care law are time and resources being taken from spending time with family, growing a business and creating jobs, or caring for patients. Since many small businesses do not employ in-house lawyers and accountants, compliance costs are especially expensive and burdensome. Given the new demands of complying with the law, it is not surprising that over 70 percent of small businesses cite the health care law as a major obstacle (http://waysandmeans.house.gov/news/documentsingle.aspx?DocumentID=303384) to job creation.
What could be done in 127,602,371 hours?





Mount Rushmore, which took 14 years to build (http://www.nps.gov/moru/faqs.htm), could be constructed 1,040 times.




Halley’s comet, seen from Earth once every 76 years (http://www.nasa.gov/topics/solarsystem/features/watchtheskies/aquarids_2012.html), could be spotted 191 times.

The Empire State building, which took 7 million hours (http://www.npr.org/programs/morning/features/patc/empirestate/index.html) to build, could be constructed 18 times.


Ways and Means Chairman Dave Camp (R-MI) stated, “This is just another example of the Obama Administration placing the burden of their policies on the backs of those who are already doing more with less time and resources – families and small businesses. With many rules and regulations yet to come, these 127 million burden hours – many of them due to complying with new taxes – are just the tip of the iceberg. Worst of all, the law has failed to deliver what Americans need most – affordable health care.”

http://hotair.com/archives/2013/02/06/sweet-obamacare-is-going-to-cost-us-127-million-hours-a-year/

[jimnyc]

President Obama's health care law will push 7 million people out of their job-based insurance coverage — nearly twice the previous estimate, according to the latest estimates from the Congressional Budget Office released Tuesday.

CBO said that this year's tax cuts have changed the incentives for businesses and made it less attractive to pay for insurance, meaning fewer will decide to do so. Instead, they'll choose to pay a penalty to the government, totaling $13 billion in higher fees over the next decade.

But the non-partisan agency also expects fewer people to have to pay individual penalties to the IRS than it earlier projects, because of a better method for calculating incomes that found more people will be exempt.

Overall, the new health provisions are expected to cost the government $1.165 trillion over the next decade — the same as last year's projection.

With other spending cuts and tax increases called for in the health law, though, CBO still says Mr. Obama's signature achievement will reduce budget deficits in the short term.

http://www.washingtontimes.com/blog/inside-politics/2013/feb/5/obama-health-law-will-cost-7-million/

[cadet]

As if this would come as a surprise to anyone

Yes, the Obama economic "recovery" continues to roll along. Too bad it takes many people right to the local unemployment office. But that's OK as unemployment checks and food stamps are considered "great stimulus" for the recovering economy

Or so we are told

"OH MY GOD I NEVER SAW THIS COMING!" -said no conservative ever.

[aboutime]

It is finally coming full circle. Most all of us here on this forum, and others on the Internet have been trying to warn everyone who Loved Obama, about how it would come back to BITE THEM in the Butt eventually.

Obamacare, or whatever anyone dares to call it to save Liberal Face is, and has become MORE of what most of us constantly reminded others about. Namely the Obama Denial Bunch who supported, voted, and believed in Obama...undeterred by FACTS that are now becoming INDISPUTABLE Across the board.

And still. They deny any feelings of Buyers Remorse, nor are the willing to ever admit. OBAMA has lied to them so much. None of them know any difference between Lies, and Truth.

[red states rule]

It is telling that those who have previously sang the praises of Obamacare are absent from the threads showing the results of Obamacare and the impact it is having on the people were told Obamacare was going to help