Comprehensive List of Obama Tax Hikes If you are wondering about how Obama’s New “stimulus plan” (4.5 billion more in spending) which will be added to all his other disastrous spending here is how it will affect you tax wise:
[font="]Comprehensive List of Obama Tax Hikes[/font]Which one of these tax hikes will destroy the most jobs?
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Since taking office, President Barack Obama has signed into law twenty-one new or higher taxes:
1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama
signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.
2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following
1 Adult
2 Adults
3+ Adults
2014
1% AGI/$95
1% AGI/$190
1% AGI/$285
2015
2% AGI/$325
2% AGI/$650
2% AGI/$975
2016 +
2.5% AGI/$695
2.5% AGI/$1390
2.5% AGI/$2085
Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS).
Bill: PPACA; Page: 317-3373. Obamacare Employer Mandate Tax (takes effect Jan. 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).
Bill: PPACA; Page: 345-346 Combined score of individual and employer mandate tax penalty: $65 billion/10 years
4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013):
Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income:
Bill: Reconciliation Act; Page: 87-93 Capital Gains
Dividends
Other*
2011-2012
15%
15%
35%
2013+ (current law)
23.8%
43.4%
43.4%
2013+ (Obama budget)
23.8%
23.8%
43.4%
Read more: http://www.atr.org/comprehensive-list-obama-tax-hikes-a6433##ixzz1XSjYuina[/url] Democrat: Where Socialism corruption, and stupidity meet....