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As a house try to strip flooding from Obama's sweeping Health Care Reform we wanted to show you how to -- is not just about health care.
It's one of the largest tax hikes ever.
Nearly two dozen taxes are included and that will surely hit your pocket.
Plus it's another way for Obama to get at -- wealthy many of the taxes in the slot are geared towards those making over that -- 250000.
For example in two years the Medicare payroll tax will be expanded to include investment income.
According to the New York Times this tax will be nearly 4% of this and come including capital gains dividends interest and royalties.
So you have to sell a big investment you might want to think about doing CN.
Obamacare also brings major changes to your pretax health accounts such as HSA -- FSA's.
Started last month -- five billion dollar medicine cabinet tax went into effect.
This means Americans can use these accounts for over the counter ads.
And if you wanted to with Robert -- -- say there is now a 20% tax much higher than the normal 10%.
And 2014 a 2500 dollar limit for your flexible spending accounts -- end.
Plus starting at 2013 if you normally deduct medical expenses on your taxes the threshold is going up.
From seven and a half percent accurate count to 10%.
And this directly hurts families with critically ill members and of course the elderly.
The biggest -- thankfully don't go into effect until twenty -- but what they do boy they are going to be painful.
-- result of the individual and employer mandates.
If an employer with at least fifty workers does not provide health coverage they must pay 2000 dollar tax for each employee.
And if they make the employees wait there's an additional 400 dollar tax for -- -- And individually if you refuse to buy coverage you get your own excise tax it would -- fourteenth that would be 1% of your -- count.
And it goes to two and a half percent if you still don't have coverage by 26 saint.
This is a part of the -- states are challenging in court we talked a lot about it.
Those are the big changes there are other smaller taxes -- still to come medical device manufacturers getting -- more than 2% tax of 2013.
Also -- 2014.
Health care companies we'll start getting -- an annual fee.
In proportion to their market share some up to eight billion dollars and guess who's gonna pay for that -- Consumers through premium increases.
And if you're looking to get a little color I'm talking it to this -- of the world out there at 10% tax for tanning salons went into effect last summer.
This -- has always sped out of control we didn't throw it out start over -- a lot that would actually reform our health care system.
Without taxing us all the death.
If you're fired up about this or any of the issues on the program just drop us an email to Willis report at Fox Business stock.
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