WASHINGTON - Beside the fiscal cliff warnings if a budget agreement isn't reached between Congress and President Obama, are an array of new Obamacare-related federal taxes. The Daily Caller provides a look at some of the major federal taxes and fees starting January 1, 2013, estimated to total nearly $700 billion over 10 years.
— Upper-income households. Starting Jan. 1, individuals making more than $200,000 per year, and couples making more than $250,000 will face a 0.9 percent Medicare tax increase on wages above those threshold amounts. They’ll also face an additional 3.8 percent tax on investment income. Together these are the biggest tax increase in the health care law.
— Employer penalties. Starting in 2014, companies with 50 or more employees that do not offer coverage will face penalties if at least one of their employees receives government-subsidized coverage. The penalty is $2,000 per employee, but a company’s first 30 workers don’t count toward the total.
— Health care industries. Insurers, drug companies and medical device manufacturers face new fees and taxes. Companies that make medical equipment sold chiefly through doctors and hospitals, such as pacemakers, artificial hips and coronary stents, will pay a 2.3 percent excise tax on their sales, expected to total $1.7 billion in its first year, 2013. They’re trying to get it repealed.
The insurance industry faces an annual fee that starts at $8 billion in its first year, 2014.