As 2013 Begins, Get Ready For An ObamaCare Tax Onslaught
Grace-Marie Turner
1/02/2013

"The third wave of ObamaCare taxes began on January 1, the latest blitz before the tsunami of changes from the health overhaul law hit in 2014. These new and higher taxes are being levied to partially pay for ObamaCare’s massive new subsidies for private health insurance and expansion of Medicaid.

The most controversial of the latest ObamaCare taxes is the Medical Device Tax that hits entrepreneurial firms making equipment such as heart valves and hip replacement parts. They face a 2.3% profit on gross sales – a tax they must pay even if they have no profit at all . . .The medical device industry employs more than 400,000 people in 12,000 factories across the country,. . . . Many say that to survive, they will have no choice but to relocate abroad

A new Surtax on Investment Income impacts individuals making more than $200,000 a year or couples with $250,000 or more. They must pay a new 3.8% levy on income from investments, possibly including profits from the sale of a home
. . .
A new Medicare Tax adds to ObamaCare’s pain. These same high-earners must pay an additional .9% Medicare payroll tax on wages above $200,000 for individuals and $250,000 for couples. This means the current 2.9% Medicare payroll tax will be increased to a total of 3.8% — a big hit especially for the self-employed.
. . .
The new Flexible Spending Account Tax limits the amount of money that workers can set aside tax-free for medical costs. ObamaCare sets the cap at $2,500 in order to collect another $13 billion from taxpayers. . . . Those who find the accounts most valuable are those with the greatest health needs
. . .
Beginning January 1, ObamaCare also tightens the screws on Itemized Medical Deductions. The law raises the threshold for allowed deductions from 7.5% of adjusted gross income to 10%, further burdening those with the largest medical expenses by limiting how much of these costs they can deduct on their taxes. Hit to these taxpayers: $19 billion
. . . "

More at link:
http://www.forbes.com/sites/gracemarietu...-tax-onslaught/