Here's a few more Obama tax increases regarding health savings accounts which will affect the middle class.
FSA and HSA tax savings accounts can no longer be used for over the counter drugs.
Non-medical withdrawls from an HSA savings account will see a tax increase from 10% to 20% making the tax penalty twice as high as an early IRA withdrawl.
FSA tax savings accounts will be limited to $2500 per year (was unlimited). This will effect many including parents of special needs children who were using their FSA account to pay tuition for special needs education which can run well over $10K per year.
I could also go into tax increases on corporations such as medical device manufacturers which will be passed on to the consumer as well..
Here is an interesting article on the medical device tax and consequences. WTF is wrong with our lawmakers?
The adverse effect of this confiscatory level of taxation on traditional device makers is already clear. In my state of Indiana alone, Cook Medical has canceled plans to build one new U.S. facility annually in each of the next several years, and Zimmer plans to lay off 450 workers, while Hill-Rom expects to lay off 200. Stryker, based in Michigan, anticipates having to lay off 1,000 workers.
As a result of the looming device tax, production is moving overseas, good jobs are going to Europe and Asia, and cutting-edge medical devices will now be produced elsewhere for import into the U.S.
Wouldn't increasing the capital gains tax also be a tax on everybody who has investment income? Would this just effect a small portion of people who make under $250k a year? I think it would hurt a lot of people, especially seniors.
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
LOL wrote: Here is an interesting article on the medical device tax and consequences. WTF is wrong with our lawmakers?
The adverse effect of this confiscatory level of taxation on traditional device makers is already clear. In my state of Indiana alone, Cook Medical has canceled plans to build one new U.S. facility annually in each of the next several years, and Zimmer plans to lay off 450 workers, while Hill-Rom expects to lay off 200. Stryker, based in Michigan, anticipates having to lay off 1,000 workers.
As a result of the looming device tax, production is moving overseas, good jobs are going to Europe and Asia, and cutting-edge medical devices will now be produced elsewhere for import into the U.S.
Interesting that the author of that article is former Democrat Gov and Senator Evan Bayh. He voted for the ACA and it was said to be a toss up between him and Biden for the VP slot. Buyer's remorse?
With all the complaints about Romney shipping jobs overseas, how about concern about Obama's tax increases leading to the same result as this article suggests?
But in the end, I'm not voting for the Social Darwinism Party...
In the meantime, Obama has a 5 point lead nationally, and a 5 point lead in Colorado (Confidence: 94%)... Sure hope the GOTP is still banking on the polls being "oversampled toward Democrats."
