OBAMACARE TAX -- 1 OF UP TO 13 TO BE REPORTED
This article addresses one of thirteen new taxes now reported to be in the ACA (Obamacare). As it turns out, not only did we "have to pass the bill to find out what is in it" a la Pelosi, it now is clear that we must implement and experience the ACA to find the truths. Others of the 13 taxes will be reported here as we confirm them and analyze their effects.
The author, Dr. Robert Warren is a retired DOD executive and now heads a consulting firm doing work in accident investigations, especially rail and ocean going vessels. He is well-respected for his intellectual integrity in analyzing issues and for his capability to write about them meaningfully. objectively and truthfully.
Yet Another Nightmare [of Obamacare]?
By Dr. Robert Warren, PhD
Within the next year, tens of millions of working folk will find themselves involved with the “obamacare exchanges”. So far, more than six million individuals have suffered the loss of their health coverage. But there is an even greater loss about to occur.
When a business is forced to end group coverage, their workers will have no choice but to buy the insurance offered on the “obamacare exchanges” or pay a fine. Now here is where it gets interesting. What happens if their employer decides to pay at least some portion of the new healthcare plan’s cost?
Currently, when an employer buys a group healthcare plan for his workers, the benefit is generally non-taxable to the worker. However, as it now stands, if an employer pays any portion of a worker’s “obamacare” plan, the result will be an increase in taxable income.
For decades, the federal government has been trying to find a way to tax non-taxable health insurance benefits provided by employers. It appears they have found a way. Not only will American workers be hit with the cost of unnecessary and expensive obamacare plans, but it now looks like they will be hit by a massive income tax increase if their employer tries to help defray the plan costs.
The wealth transfer and income redistribution intentions of the federal government will continue in 2014 and for a number of additional years. The working middle class best tighten its belt once more, and maybe punch a new hole in it. And just maybe the people who work for a living or hope to work for a living ought to ask themselves if government should be given more power to spend and regulate.