The Money Update ? The ?Unaffordable? Care Act: How Much Will ...

The ?Unaffordable? Care Act: How Much Will Obamacare Cost You?

Everyone is talking about Obamacare, some are all for health insurance for everyone, and for improving accessibility to care.? Others are angry that the government has removed their freedom to decide whether or not they want to carry health insurance.? The fact of the matter is, the bill has passed and it is being implemented.? Looking ahead, just how much will Obamacare cost you?

The Taxes Connected To The ?Affordable? Care Act Will Eat A Hole In Your Wallet

Whether you are rich or poor, the taxes implemented to finance Obamacare, will have a significant impact on your pocket book.? Some of the taxes include:

If your adjusted gross income is greater than 200k, you will see a significant tax imposed on your investment income.? This includes dividends, interest, capital gains, annuities, house sales, etc.? With the current rate of taxation, the additional 3.8% surtax will raise investment taxes to 18.8%.? If the Bush tax cuts are allowed to expire, taxes on dividends will rise from 15% to 43.8%!? If you?re a retiree planning on living off dividend payouts and annuities, that means you will be taking home almost half of what you anticipated for your retirement.

• Medicare Taxes Increase For Those Making More Than 200k To Finance Obamacare

Affordable health care is affordable for some, but for the higher tax bracket individuals you can expect to pay an additional 0.9% tax on Medicare.

• ?A 40% Tax On ?Cadillac Health Care Plans? To Finance Obamacare

Those who have benefits through their employer that cost $10,200 for an individual will have to pay a 40% ?tax on the amount their employer pays.

• Other Forms Of Taxation Include:?

  • Cap on Flexible Spending Accounts of $2500
  • Increasing The Itemized-deduction level for medical expenses from $7,500 to $10,000.
  • A 20% penalty on non-medical withdrawals from HSA?s.? That?s twice the penalty you would pay from other tax free accounts such as an annuity!
  • 10% tax on indoor tanning
  • A medicine cabinet Tax that removes your ability to pay for over-the-counter meds from a pre-tax FSA.
  • ?A significant penalty for not purchasing health insurance.? This will range from $695 per person to $4,700 per person depending on income level.

So, is affordable health care really so affordable after all?? As an investor, or a near retiree some of these taxes have the potential to drastically impact some of the tax benefits that went along with many retirement investment vehicles such as annuities and dividends.? For those of you who were counting on that as part of your retirement portfolio it would be wise to learn more about other investment options and also how the new laws will impact you directly.? For more information visit greenmoneyupdate.com?

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*Statistics Taken from Yahoo Finance

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Source: http://themoneyupdate.com/the-unaffordable-care-act-how-much-will-obamacare-cost-you/

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