Obama Tax Increases on the Middle Class

Democrats Have Increased Taxes by $670 Billion and Counting information from before 2010 election

Commitee on Ways & Means Republicans Ranking Member Dave Camp Report from April 14th, 2010 Go here to download your own copy of the report

Information contained in the report follows:

List Includes 14 Tax Hikes Totaling Over $316 Billion on Middle Class Families
April 14, 2010

Since January of 2009, President Obama and Congressional Democrats have enacted into law gross tax increases totaling more than $670 billion, or more than $2,100 for every man, woman and child in the United States. The list of tax increases includes at least 14 violations of the President’s pledge not to raise taxes on Americans earning less than $200,000 for singles and $250,000 for married couples.

LEGISLATION: Health Care Bill, Public Law 111-148, Public Law 111-152

TAX INCREASES ENACTED   followed by AMOUNT IN BILLIONS OVER 10 YEARS

New tax on individuals who do not purchase government-approved health insurance * $17.0

New tax on employers who fail to fully comply with government health insurance mandates* $52.0

New 40% excise tax on certain high‐cost health plans * $32.0

New ban on the purchase of over‐the‐counter drugs using funds from FSAs, HSAs and HRAs* $5.0

Increase the Medicare tax on wages and self‐employment income by 0.9% and impose a new 3.8% surtax on certain investment income (for individuals over $200,000 and couples over $250,000) $210.2

Increase, from 7.5% to 10% of income, the threshold after which individuals can deduct out of pocket medical expenses* $15.2

Impose a new $2,500 annual cap on FSA contributions * $13.0

New annual tax on health insurance * $60.1

New annual tax on brand name pharmaceuticals * $27.0

New 2.3% excise tax on certain medical devices * $20.0

New 10% tax on indoor UV tanning services * $2.7

New tax on insured and self‐insured health plans * $2.6

Double the penalty for non‐qualified HSA distributions * $1.4

Eliminate the deduction for expenses allocable to Medicare Part D subsidy $4.5

Limit the deduction for compensation to officers, employees and directors of certain health insurance providers $0.6

Require information reporting on payments to corporations $17.1

Impose additional requirements for section 501(c)(3) hospitals $0.4

Make “black liquor” ineligible for cellulosic biofuel producer credit $23.6

Codify economic substance doctrine and impose penalties for underpayments $4.5

Other revenue effects $60.3

LEGISLATION: SCHIP Public Law 111-3; Tobacco tax increase and expanded enforcement authority* $65.515 billion

LEGISLATION: “Stimulus” Public Law 111-5; Repeal guidance allowing certain taxpayers to claim losses of an acquired corporation $6.977 billion

LEGISLATION: UI Benefits, NOL Relief & Homebuyer Credit Public Law 111-92; Federal Unemployment surtaxes extended through June 2011 * $2.578 billion & Delay of rules to reduce the double taxation of worldwide American employers until 2018 (worldwide interest allocation) $20.123 billion

LEGISLATION: HIRE Act Public Law 111-147; Delay of rules to reduce the double taxation of worldwide American employers until 2021 (worldwide interest allocation) $5.948 billion

TOTAL = $670.341 BILLION AND COUNTING…
*VIOLATES PRESIDENT’S PLEDGE TO NOT INCREASE TAXES ON MIDDLE CLASS

Another of a continuing series of articles on taxes by Tea Party Patriot and Proud Hobbit, Robert Davis, 2011

Leave a Reply

Fill in your details below or click an icon to log in:

Gravatar
WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s