The slew of taxes and requirements for health insurance coverage in the ObamaCare Tax Bill has received little attention from media.
That negligence places the public at risk where the impact is concerned.
As I predicted after reading the Obama Care Tax Bill, consumers are going to confront some nasty realities. Most Libertarians and Republicans acknowledge this because it is more relevant to their party bases.
Democrats won’t be affected on as broad a scale because union employees and the entitlement class, in both lower and upper income ranges, will still have their coverage.
President Barack Obama, after a meeting with labor bosses at the White House, saw to it that labor groups got a waiver for the Cadillac Tax on generous health insurance plans.
As Mallory Factor pointed out in his book Shadowbosses, this concession will cost taxpayers $120 billion because Democrats included the revenue from that tax as a means of paying for the bill.
Democrats have also joined Republicans in dropping another tax, the 1099 requirement that surprised ObamaCare supporters, most of whom admitted not reading the bill before passing it.That lost revenue will be recapped from you, the taxpayer.
Corporations will have two options—pay the “penalty” now officially called a tax or continue to pony up payment for policies that will cost more.
It is likely that more than half of working Americans will see their employer drop coverage, pay the tax and kick employees into the government exchanges. Your employer may or may not pass along his savings to you—that’s up to the company.
The Washington Times recently reported the Congressional Budget Office revised original estimates on fallout from the tax on those who don’t comply with the diktat that every American citizen purchase insurance:
Congress‘ official scorekeeper said Wednesday that 30 million people will be uninsured when President Obama’s health care law goes fully into effect, including six million Americans who are expected to pay a tax penalty — about two million more than originally forecast when the law was passed in 2010.
Those six million Americans will earn a little too much to receive a federal subsidy and they will definitely feel a wallop in the wallet once the real impact of the tax bill kicks in around 2014.
Obviously, Democrats were smart to wait until after the 2012 election to fully implement the thousands of pages of new regulations and taxes they have foisted on working Americans.
Illegal aliens and Native Americans will be exempt from ObamaCare, but no one will be denied treatment.
The Kaiser Foundation has an overview of what you can expect from this tax bill—read the complex information carefully and get ready to accept there’s a target on your back and on your bank account.
Perhaps the happiest recipients of the ObamaCare Tax Bill’s largess are the health insurance companies who now have a larger captive audience, thanks to Obama. The labor unions are fairly happy as well.
There’s another variable that may catch many unawares—compliance. The central powers will determine what constitutes acceptable coverage, and if you don’t have it, the tax man cometh. Again.
Media have downplayed the impact of this tax bill because most media advocate for Democrats.
The ObamaCare Tax Bill is the best reason to refuse to vote for any Democrat. The bill is an assault on individual rights and wealth and in my opinion will dilute medical care for everyone, especially those at the bottom of the income ladder.
Bottom line: Dems didn’t give you a healthcare bill, they gave you a tax bill.
Meanwhile, your premiums will get more expensive, just as they have already risen despite the president's promise to the contrary.
(Commentary by Kay B. Day/Sept. 25, 2012)
Related at The US Report