Listed below are some taxes that are sure to hit families that earn LESS than $250K. So, the question is this: Did Obama break his “firm pledge” or did he out and out lie?
Effective yesterday there is a 10% tax on in-door tanning [which personally I find rather racist considering those who "tan" are 90%+ CAUCASIAN].
As of January 1, 2011, the Medicine Cabinet Tax goes into effect, which means that over the counter and non-prescription medication can no longer be purchased using Health Savings Accounts (HSA), Flexible Spending Accounts (FSA) and Health Reimbursement Accounts (HRA).
There will be a cap imposed January 1, 2011, on FSA’s of $2,500, which will greatly impact families with special needs children. Many of those families use FSA’s for tuition, which can exceed fourteen thousand dollars a year.
As of January 1, 2014, anyone who doesn’t purchase “qualifying” health care coverage must pay an income surtax. In the years that follow it wouldn’t surprise me to see changes in the definition of “qualifying” and the amount of the surtax--as our illustrious government has been known to change on a whim, even in the dead of night while we’re all asleep in our beds.
Currently we can itemize and deduct our high, out of pocket medical costs if they exceed 7.5% of our adjusted gross income. As of January 1, 2013, that will be increased to 10%.
Effective January 1, 2011, there is an additional 10% tax being added to non-medical early withdrawals from HSA’s. This will leave them lacking relative to IRA’s and other tax-advantaged accounts which will remain at 10%.
Let’s not forget that the Bush tax cuts are going to expire and inheritance tax rates are going up at the end of this year, plus, there are rumors about a Value Added Tax (VAT). Additional cigarette taxes were added almost immediately after Obama was elected and it’s well known that more lower income people smoke than do higher income.
If this Administration were a gift, it certainly wouldn’t be one that kept giving, it would be one you’d want to re-gift!
Well, Americans for Tax Reform has found a way to try to get out of paying those “extra” taxes that we were promised we wouldn’t have to pay AND poke some fun at Obama in the process.
It’s the Obama Tax Hike Exemption Card!
When you have to pay any extra taxes just show the clerk your card and tell them you’re exempt because Obama broke his promise--or lied, whichever you prefer! It may not get you a tax break, but it should leave any Liberal clerks speechless considering there is NO way they can spin it--unless they have a top!