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FBN's Tracy Byrnes breaks down how new taxes under the new health-care law will impact your wallet.
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SLA California.
After years of telling -- there -- no new taxes in Obama look at the Supreme Court says yes there a law.
Tracy -- forma accountant and current company members.
Now we've got a whole list of my taxes under Obama care how anyone new or higher taxes okay under obamacare I want -- to single out the ones that run you up the most go through -- Yesterday with a three point 8% surtax on net investment income this is net.
See you figure out your long term -- to short term gains -- dividends become down to a number.
The taxes imposed on massive new investment tax on investment income again families over 250000 dollars 200 if you're single but that's the new rich by the right right.
Next this one bothers me to Medicare Medicare taxes -- Gonna go -- so this is payroll tax it will go up to 2.3 5%.
Once it hits a certain level again they changed -- that's gonna -- -- pero.
Flexible spending account caps right now flexible spending accounts can be used for a multitude of things including -- for special needs children.
It will be capped at 250000 dollars all those special needs families will be pushed aside to -- this -- Disney -- and 50000 dollars -- do you come to him.
2500 dollars in -- cap that's the cap.
On your flexible spending account but these families use these 28.
Tuition for special needs children he just pushed all those special needs families aside okay wonderful -- next.
This medicine cabinet tax basically they're calling it you cannot use your flexible spending account to buy over the counter drugs I think that's a huge deal for families.
-- use time -- on a daily basis.
You'll get a haircut and your medical itemized deductions it goes from up to 10% from seven and a half percent it's so hard to get that deduction to begin with making get a.
Anyway -- with some more they'll be a Biotech drug -- -- which is an awful that was next on my list today awful bull health care insurance will pay a tax every single one of them will pay a tax group.
They'll be a black -- cut tax as the bio fuel that's by -- billions.
-- yeah.
What else we got Medicare tax -- Cadillac tax will be a plan a tax on generous health care plans.
And then of course there's a mandate -- -- individual mandate which is could be 2000 dollars the employer mandate again could be 2000 dollars on every employee.
That they -- insurer if they have more than fifty employees and here's where you get to your IRS employees.
Because you're going to need -- IRS employees to call this kind of money.
And as you noted -- going to be spending millions of dollars on more IRS employees to collect these mandate to -- is 4500.
New IRS employees yes.
Said that's the number yes three minutes of they're saying.
Can these guys collect this mean making it keep track of our current tax code and you're gonna add all this on.
And in nickel and dying people perhaps the worst -- this little stuff that comes under the radar that no one knows about that we have to tell them -- because it while you model.
The Tracy thank you very much indeed found in his cigarette down -- -- --
