Tuesday, November 18, 2014

Obamacare Tax: Coming Soon to Your Paycheck

Jonathon Gruber calls it the "Cadillac Tax". 
Troy, Wallstreet Journal:
The Obamacare tax on the most generous health plans - a 40 percent excise tax on employer-sponsored plans spending more than $10,200 per employee - will increasingly hit middle class families. 
Mr. Gruber, MIT Professor and architect of Obamacare:
Mr. Gruber also implicitly acknowledged that calling the excise tax a “Cadillac” tax is misleading, as the tax’s reach will expand. “Over time it’s gonna apply to more and more health-insurance plans,” he said, elaborating in a separate speech that the “tax that starts out hitting only 8% of the insurance plans essentially amounts over the next 20 years [to] essentially getting rid of the exclusion for employer-sponsored plans.” 

Even if you do not have a 'Cadillac Plan' - your rates are going up. Totally opposite of what Obama, Nancy Pelosi, and Hillary Clinton promised - stating that the average American will save $2,500 on health insurance premiums per year. Instead, they will go up in that amount and continue to increase. Part of that will be because, like the other social programs, there will be citizens coming out of the woodwork to commit fraud and bilk the system.
From 2018 to 2024, the excise tax could cost 12.1 million employees an average $1,050 in higher payroll and income taxes a year, if employers increase their taxable wages as they reduce the cost of health-care benefits. Alternatively, if employers only reduce the value of their offerings without increasing wages and salaries, these employees could see up to a $6,150 reduction in their health-care benefits and little or no increase in pay . . .
Now you know why Mr. Gruber said that the majority of voters are "stupid". They will continue to be indoctrinated in government controlled schools maintained by the progressive elite who have a reputation of cheating on their taxes.
The only question burning in my mind: If Mr. Gruber was the architect of Obamacare - why did he construct it knowing it was no good and why does he come forward now after the Affordable Health Care Act passed?
"Affordable" my posterior. I still say that the Democrats knew it would fail so it would step up their nationalization of health care agenda - cutting out insurance companies from the picture. Problem is, if they continue on this march towards bankruptcy, they will end up like France where those that actually generate a positive influence on the economy are going to be encouraged to go somewhere else. Sound familiar? It has happened to the states of California and New York (and other places) where businesses leave the state to escape draconian regulations and heavy taxation.
Will not parliamentary Taxation, if established, raise a revenue unjustly and wrongfully? If this Revenue is scattered by the Hand of Corruption, among the public officers, and magistrates and Rulers, in the Community, will it not propagate Vices more numerous, more malignant and pestilential among them? ... And does not the Example of Vice and Folly, in Magistrates descend and spread downwards among the People?  -- John Adams; Revolutionary Writings, 1755-1775; page 303-304.

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