The first affect of ObamaCare on the average worker will begin January 1st with an increase in their Medicare payroll tax.
Presently, the tax is 2.9%, split equally between the employee and the employer (1.45% each).
Beginning January 1st, there will be a 0.9% increase in the tax to 3.8%….. the entire 0.9% being paid by the employee (Now that’s a surprise).
So on a $500.00 gross check, the employee’s Medicare tax will go from $7.25 to 11.75 per week. That is an additional $234 per year.
And that is just ONE of the tax increases.
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July 8, 2012 at 8:27 pm
Stothes
This does not apply to anyone making less than 200k a year.
July 9, 2012 at 5:00 am
Interested Bystander
Well, at least for NOW it doesn’t.
But there are MANY provisions in this bill that WILL affect those who make under 200,000.
They are changing HSA and FSA “rules”, and the increase from 7.5% to 10% of AGI before being able to deduct some medical expenses, and a “tanning booth” tax, plus the TAX for NOT buying health insurance goes up from 1% of Adjusted Gross Income (AGI) or $95 in 2014 to 2% of AGI or $325 in 2015 to 2.5% of AGI or $695 in 2016.
There are MANY provisions in this “Affordable (har de har har) Care Act” that are going to affect those who make UNDER 200,000.
For you to suggest that only those who make over 200,000 are the only ones who will see an increase of the funds that THEY earn going to the Government is giving an UNinformed OPINION.
Not only that, but the TAX increase on small businesses will not only affect future hirings, it will affect some employees who are currently working, because if a company has 53 or 54 employees, don’t you think they MIGHT reconsider a few of those to get under the 50 employee threshold? I know I would.
July 9, 2012 at 7:18 am
JAMES
Reading the “mumbo-jumbo” of those with “uneraned” vs those making such and such, in the end, it will apply to all.
Add to that the change in the medical deduction threshold from 7.5% of AGI to 10%, and the average American family will be affected.
Bottomline.. keep the government out of my healthcare.