Millions more than expected will pay penalties (taxes) under Obamacare

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From MSN:

So, just how many people are going to be hit with a tax penalty for not getting health insurance when the Affordable Care Act goes into effect? More than first expected. The Congressional Budget Office, which is not affiliated with any party, estimated that 6 million people will end up paying a penalty because they have chosen not to buy health insurance, up from its initial estimate of 4 million when the law first passed. And the majority of those who will end up paying the $1,200 penalty in 2016 would be right in the middle of the middle class, with estimated salaries of about $56,000. The penalties are expected to generate $7 billion in revenue. [Source]

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Obamacare just made Papa John’s pizza more expensive

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Under Obamacare, Medicare Double Taxation Begins in 2013

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IRS Form 1040(CNSNews.com) -A provision of President Obama’s health care law imposes a second Medicare tax on investment income for Americans classified as wealthy, effectively raising taxes on investment income and taxing investors twice.

The provision, a little-known part of ObamaCare, levies a 3.8 percent Medicare tax on investment income for couples making more than $250,000 or individuals making more than $200,000 a year. The tax is scheduled to go into effect on January 1, 2013.

Currently, the government levies a 2.9 percent Medicare payroll tax on all wages, with half (1.45%) paid by the individual and half by the employer.

Beginning in 2013, couples making more than $250,000 (or individuals making $200,000) will have to pay an additional 3.8 percent Medicare tax on any investment income (unearned income) they might have.

In other words, beginning in 2013, wealthy Americans who have investment income will be taxed twice to pay for Medicare – once on their regular salary and again on their investment income.

This new Medicare tax will be in addition to the taxes investors already pay on their investment returns – known as capital gains taxes – effectively raising capital gains taxes by 3.8 percent.

The new tax was part of Democrats’ attempt to make Obamacare appear deficit-neutral, and it will add $318 billion to federal coffers between 2013 and 2022, according to a July CBO analysis.