Dousing The Heat With Chilling Cold Of Higher Taxes

Gasser: A person or event that stimulates a very enthusiastic response:

Back in the 1930s, jazz musicians were the coolest cats on the planet, (many would argue they still are, except the genre has been infiltrated with a pop sound and softness that belies the grittiness needed to be an arbiter of cool). And, when performing at their peak, it was called "cookin with gas." The term became popular for describing anything that was excellent or sensational. Those with the touch were gassers; everyone else just simply tried but failed.

Right now, it's safe to say the US economy is heating up, and while it is too early for superlatives like cookin with gas, momentum is pointing in the right direction. But, it's too soon to be cocky or to confuse a resilient economy with proof that economic policies are working. On the contrary, this economy, the greatest ever to operate on the face of the planet, is forging ahead because of the character of our citizens and determination of businesses. Still, this economy could be so much better-- if allowed to cook. Instead, more roadblocks in the form of taxes to support the new healthcare law loom as speed bumps or worse.

Beginning in the New Year, a $2.00 fee will be leveled on every health plan, in addition to more taxes that could cost each American taxpayer with a $6,000 burden. This isn't the best post- Christmas message to wake- up to, but it's a reality that could become even more detrimental, as enrollment points to a shortfall in participants. Ironically, architects of this monstrosity knew lots of people would opt out of paying and instead fork over fines as part of the individual mandate tax.

I just think they were lying to themselves or just drinking too much Kool-Aid, when they figured only a certain percentage of young people (being called The Young and Invincible) would see the wisdom in paying thousands of dollars, when the other option is a ninety-five buck fine.

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ObamaCare Tax Hikes:

3.8% surtax on investment income in households earning at least $250,000 ($200,000 single). Note: new tax rates capital gains 23.8% from 15% and dividends 43.4% from 15%.

Income above $200,000 (single) or $250,000 (family) employee tax increase to 2.35% from 1.45% of wages while self employed surges to 3.8% from 2.9% of income.

2014 1% of Adjusted Gross Income or $95

2015 2% of Adjusted Gross Income or $325

2016 2.5% of Adjusted Gross Income or $695

Tax on health premiums collected that phases in until 2018, and is imposed on firms with $50.0 million in profits.

40% excise tax on "Cadillac" healthcare plans defined as $10,200 single/ $27,500 family.

On certain type of bio-fuel:

$2.3 billion annual tax on industry distributed on share of sales made.

2.3% excise tax on industry.

Once deductions were allowed for medical expenses exceeding 7.5% of adjusted gross income, now the level is hiked to 10%. Waived for 65+ for 2013 to 2016.

Also known as special needs kids tax used today for education among other needs. Before the new healthcare law, FSA were capped at $5,000; now caps established at $2500.

Prohibits the use of health savings accounts; flexible spending accounts: or health reimbursement pre- tax dollars to purchase non-prescription and OTC medicines.

IRS can disallow completely legal tax deductions and other legal tax-minimizing plans if agency seems the actions lack "substance" and just used to reduce taxes.

Increase additional tax on non-medical early withdrawal from HSA to 20% from 10%:

Fewer Choices

The promise of more choices and cheaper insurance is also a myth that continues to unravel at lightning speed. In today’s USA Today, it’s reported that more than half of US counties don’t offer a so-called Bronze Plan: this is the lowest priced plan. Which means the higher plan may be an example of catastrophic coverage. People are suffering massive sticker shock as the notion of getting sick under the bronze, and even silver plan, would mean worst-case economy scenario for so many families who were promised those were fears never to be revisited.