Today (9-23-10) parts of Obamacare go into effect. While I don’t claim to be an expert on this policy, one part I am aware of is that children now can stay on their parents’ insurance until age 26. Another part is insurance companies can’t discriminate against children with pre-existing conditions.
To counter the economics of this new “benefit” insurance companies, en-masse, are no longer writing policies for individual children. The children can ONLY get insurance through their parents’ policies. If children between age 19 and 26 had previously left their parents’ insurance, they can now go back onto it.
Another fact about Obamacare is that the hidden tax secrets are still coming to light. I received several e-mails about how Obamacare will impose a sales tax of 3.8% on home sales. I looked into it, and this ONLY comes into play when a single person sells a home and the profit is over $250,000, or a married couple sells a home and the profit is over $500,000. Now, remember, Obama is going to let Bush tax rules expire on 1/1/11. That is when capital gains on things go way up. So in addition to a bigger hit on capital gains, there will be an additional 3.8% “sales tax” on home sales.
In addition to the “sales tax” on real estate sales, the Obamacare tax plan will charge this 3.8% tax on interest, dividends, annuities, royalties all capital gains, and RENTS for individuals who earn over $200,000 and joint-filers who report over $250,000. So, regardless of the Bush tax cuts that will soon expire, Obama has already passed legislation to “hit the rich” an additional 3.8% surtax on their various incomes.
Not discussed on nightly news are the various penalties in the Obamacare for folks who don’t want to, or can’t afford to buy health insurance. Also, the insurances people might choose to buy might not suit the federal government, and then there will be penalties.
Penalties for individuals without insurance will be $695, or 2.5% of their annual income. Families will have to pay $347 per child, or up to $2,250 per family if parents can’t show they have purchased policies approved by Feds.
Employers with more than 50 employees who don’t offer government approved insurance will pay a yearly penalty of $2,000 per employee.
In addition to all the above, the Medicare tax on people earning over $200,000 will pay an additional .9% for Medicare tax.
In addition to these punitive taxes, there is a new 2.9% federal sales tax on medical equipment or devices.
In all this “spreading the wealth,” Obama has given the IRS powers to jail people who refuse to buy health insurance. Of course they will first attach tax refunds, bank accounts and other assets. When that doesn’t get results, they have the power to jail the dastardly person.
This new Obamacare will actually help the job market as there will be 16,500 IRS auditors hired to implement these tax collections. Get your resumes ready!
(The above information was taken from an article by Paul Guppy, vice president of research at Washington Policy Center, an independent non-partisan research organization in Washington State.)
The election will be November 2. Last date to register is Oct. 2. BE REGISTERED AND VOTE FOR CHANGE, or change will be all you have.
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