Fox Business
Expand
Browse All Video
Watch Live

You're watching...

What Will the Health-Care Law Cost You

Details

  • Description

    FBN’s Gerri Willis on increasing taxes and costs for Americans due to the health-care law.

  • Duration 2:57
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Remember a former house speaker Nancy -- -- insulating analysis of Obama care.

That we have to pass the bill says that you can and then find out what is in it.

Away from the bulk of the controversy.

I never had any idea what that meant well.

Now the election's over we're about to find out exactly what is in the obamacare -- actually it's a -- now.

And a lot of you may not like what you see the popular stop -- keeping students on their parents' insurance that's already -- reality.

But paying for the bill for this new entitlement.

That was saved for after the election.

Ten of the -- eighteen tax hikes and yet kicking -- after January 1 here's what you want to be on alert for first stop payroll tax.

It right -- to three point 8% from two point 9% for couples earning more than 250000.

Dollars a year.

-- as you know President Obama has already promised to raise income taxes on this group of people but this is on top of that.

And oh by the way the end of the payroll tax holiday that's separate.

Now if you have a catastrophic illness and want to deduct your health care costs it would be more difficult next year the seven point 5% adjusted gross income floor for medical deduction goes to 10%.

Gonna make it harder if you have a big.

Health problem you really gonna have to watch out for that.

And there retirees who -- getting her to the corporate deduction for prescription expenses for retired he just goes away in other words if you're retired.

And get your health insurance from your former employer.

Well in May not be around for that much longer.

Then there is -- 2.3 percent excise tax on medical device makers of the the folks who makes stents.

Not not encouraging sign for health care prices can be forced up.

Then -- when he fourteen you know it really gets ugly.

The individual mandate goes into effect that's attacks on Americans who don't have health insurance.

And the penalty on employers who don't offer insurance coverage comes into effect to.

And -- -- getting warmed up there eighteen taxes in total.

Also.

Obama raises taxes by 836 billion dollars to pay for obamacare 36 billion of that coming next year.

He's also alluded 716 billion from Medicare for its program what could ultimately be the last entitlement program.

Ever added in this country because we sure as heck aren't going to be able to afford others.

Finally this if obamacare we -- -- better quality care for everybody well that would be one thing but many of my doctor -- shake their heads and saying no.

They worry that the law will ultimately discourage doctors from private practice reduce incentives for those caring for Medicare and Medicaid recipients.

And usher in a draconian method for deciding what kind of care is delivered to people in this country.

I believe obamacare will crush health care quality and raise prices we can and we should do better.

Still ahead.

Load More