With Tax Season Approaching, Obamacare Is The Only Thing Inside Your Wallet

Obamacare is not only moving in to your doctor’s office. It is also a parasite living in your wallet, devouring everything in sight. The financial effects of the president’s namesake “achievement” are painful and unexpected, particularly as tax season approaches.

Despite its middle name, the Affordale Care Act (aka Obamacare) is not about care at all. In reality, it reduces care by taking money away from providers.

Obamacare is first and predominantly a tax law. It delivers your money to the government through new taxes and increases in existing ones. “Obamacare is emptying your walletlists them for you. Lest you think that nicknaming Obamacare as “ObamaTax” is hyperbole, here is a summary of Obamacare taxes.

New taxes created by Obamacare:

  • Cadillac tax [hits middle class hardest, not Cadillac owners]
  • Earned Income Tax
  • Employer Mandate Tax
  • Excise Tax on Charitable Hospitals
  • Health Insurers Tax
  • Innovator Drug Tax
  • Medical Device Tax [deterrent to medical innovation]
  • Medicine Cabinet Tax
  • Personal Penalty Tax, formerly the Individual Mandate
  • Net Investment Income Tax
  • New sales tax on all health insurance plans
  • Tanning Salon Tax [Why not a tax on Tattoo Parlors?]

 

Existing taxes that are increased by Obamacare:

  • “Black Liquor” [bio-fuel] Tax
  • Medicare Payroll Tax
  • Blue Cross/Blue Shield Tax
  • Health Savings Account Withdrawal Tax

 

Existing taxes that are decreased by Obamacare:

  • None

 

Consumers limited in control their own money:

  • Flexible Spending Accounts capped at $2,500
  • Health Savings Account contributions capped at $2,500
Shutterstock.
Shutterstock. 

More Money Coming Out (of Your Wallet)

Obamacare offers government financial support for health insurance to 79 percent of the U.S. population, either through Medicaid (free insurance) or subsidized government-complaint insurance.

The fact that the middle class is hit the hardest by Obamacare taxes is strangely ironic. At a campaign stop on Oct. 4, 2008, Barack Obama promised supporters that, “Health care should never be purchased with tax increases on middle class families.”

Everything from the so-called Cadillac Tax to the Medical Device Tax ends up coming out of middle class taxpayers’ wallet.

Washington takes your money and then gives it back to you, minus just a tiny charge for regulation and administration – 40 percent of all healthcare dollars!

Less Money Going In (To Your Wallet)

Obamacare is having another effect on your wallet: putting less in.

Obamacare has a major dampening effect on the economy and particularly on jobs. It mandates an increase in all employers’ fixed costs. Employers must cut costs somewhere or go out of business. Therefore, they stop hiring and take no risks such as expansion (hiring). They turn full time employees into part time workers. They often have to fire people with an estimated loss of over 2 million jobs in the private sector. Bureaucratic jobs will increase.

Obamacare will lower the incomes of most Americans at the same time as the cost of health insurance premiums go up, so far up that Matthews and Litow warned Americans about “sticker shock.”

Money Coming out (Of Your Children’s Wallets)

Despite its claim to be “affordable,” Obamacare is the opposite. It spends well over $1.7 trillion, money we don’t have. So, we are adding trillions (with a “t”) to a national debt, which future generations will have to pay. “ObamaTax” is not only cleaning out your wallet, but your children’s as well.

It is important to remember that President Barack Obama started his self-styled reform of healthcare by saying he needed to “bend down” an unsustainable U.S. healthcare spending curve. How can he then justify committing the U.S. to spend even more, to bend UP the healthcare spending spiral?

Photo Credit: Getty.
Photo Credit: Getty.

Where Does All That Money Go?

You could sing these words to the Peter, Paul, & Mary song, “Where have all the flowers gone?”

All that money you are paying out, often without knowing; all that money that is not going in to your wallet much less your bank account – where is it all going?

Unfortunately, the answer is: NOT to people who provide care to patients. It is going to healthcare bureaucrats: accountants, actuaries, administrators, billers and coders, consultants, insurance adjusters, IRS agents, lawyers, oversight compliance officers, reconcilers, and writers of rules and regulations.

Who will provide health care when you need it? Do you want your UnitedHealth insurance agent taking out your appendix? Which Congressperson should administer your chemotherapy?

Two Questions You Need To Answer

April 15 is fast approaching. You worry about both the parasite in your wallet and the money you don’t have that you must spend by law: both escalating cost of insurance premiums and the increasing tax burden.

Keeping in mind the first two words of the common abbreviation for Obamacare–Affordable Care Act–ask yourself these two questions.

  • Is Obama’s reform of healthcare “affordable” for either you or our country?
  • Is there any “care” in Obamacare?

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