Monday, November 12, 2012

Obamacare (PPACA) Taxes Explained

Hat tip: BY
“I absolutely reject that notion...For us to say that you’ve got to take a responsibility to get health insurance is absolutely not a tax increase,” Obama said. “You can’t just make up that language and decide that that’s called a tax increase.”  --President Barack Hussein Obama, 2009 Interview with George Stephanopoulos
Here is a fantastic video from American College of Financial Services that sums up the taxes being levied by the Patient Protection and Affordable Care Act (PPACA, or "Obamacare") starting January 2013.  If you are a taxpayer filing singly earning > $200,000, or filing jointly earning > $250,000, you will be hit hardest by these new taxes.

So with all the rhetoric about protecting the "middle class," if you earn over $200-$250k, you are considered rich and deserve to be taxed more.  It appears the middle class is being slowly squeezed through the ceiling for the "middle class" being established at $200-250k while simultaneously using Quantitative Easing 3 (or "QE Infinity") to devalue the dollar, forcing a person to earn more to maintain their lifestyle.  Those in the middle class may soon find themselves bumping up against the $200/250k ceiling which discourages them from earning more.

I feel for the people trying to get by in places like the Northeast and the West Coast where the cost of living is already high...the Democratic base, by the way.

Link to videoPost Election PPACA Tax Implications

Link to article where President Barack Hussein Obama declares that Obamacare is not a tax

--Against All Enemies

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Disclaimer: These opinions are solely my own, and do not reflect the opinions or official positions of any United States Government agency, organization or department.

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