Because of the new revenue streams (taxes) to pay for the Health Care bill - I have a very good feeling that soon, no one will be an employee of a corporation or business anymore. Quite quickly new hires will all become 'vendors', 'contractors', and a much more easily disposable workforce. No business is going to want to cover your diabetic quadruple bypass surgery, or take the penalty for not giving you insurance - so now you're going to be a vendor. And when the layoffs come - "don't call us, we'll call you." Look how neat and tidy that will be!And those Cadillac plans offered by the UAW, when they eventually get around to taxing you - that'll be 40% tax. In 2013 that should be about $8,500 for self - and $23,000 for any other level. [Bill: H.R. 3590 Patient Protection and Affordable Care Act Status: Awaiting President’s signature at 11:00 Eastern Time Today]
The tax on non-electing businesses who refuse to supply health care, [Bill: H.R. 4872 Reconciliation Act Status: Yet to be approved by the Senate] which means firms refusing to pay health insurance, but not meeting required exclusions, an 8% tax on wages will be applied. That's you Wal-Mart greeter, Gary. You're about to get 8% of your 6 dollar an hour paycheck taken away.
And there's still a giant loophole. You are to be taxed if you don't have acceptable health care coverage. [Bill: H.R. 4872 Reconciliation Act Status: Yet to be approved by the Senate] So, a 2.5% income tax on individuals who do not have health care coverage, limited to a cost less than the average national health care premium. Let's say that's 750 bucks. If the annual premium is 1200, even a graduate of second grade can figure out that there's no reason to buy in until they get sick - and since that math wizard cannot be denied insurance for any pre-existing conditions, why the hell wouldn't everyone do this? And considering THIS was the reason for them to pass the bill in the first place - to mandates that everyone kitties to the pool to make it fair - it seems to have failed to address or plug that major hole.
There's a tax on failing hospitals - 50K for those that don't comply with quality requirements... which is like taking away books at a failing school.
There's fees put on branded prescription drug manufactures and importers. That's based on volume. Grandpa, your Viagra is about to get very expensive.
Medical device manufacturers must pay a fee in relation to the sales of their product in the marketplace and the total sales of devices.
A fee applied to all health insurance providers based upon net premiums and any third party fees associated with the administration of those programs. There's no way you won't see your premium double in the next couple years - yet another goal of the bill was to cut that premium, and now it's going to skyrocket. Wait, you think the insurance company is going to eat that tax? Ha, no, that will be slid down your throat. And wait...
Bill: H.R. 4872 Reconciliation Act Status: Yet to be approved by the Senate
For self-insured plans, a fee on the the sponsor whether that is the employer or the employee organization. Also, a fee on the issuer of every health care plan imposed.
But there's still more! High income tax payers, making on a joint return over $250,000 and a standard return over $200,000, are required to pay an additional 0.5% of wages. This applies to both self-employed, and regularly employed individuals.
And speaking of the rich, a tax of 5% is levied upon the am mount paid for any cosmetic surgery. This does not include the need for such surgeries created by trauma or a disfiguring disease. If the tax is not collected by that professional completing the procedure, their business is still liable for the requirement.
10% tax on tanning salons. Sorry Jersey Shore, dudes.
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