|If you haven't gotten sick already this flu and cold season, you may start feeling queasy when you realize how Washington's tentacles are squeezing the American taxpayer at every turn. As more people go on the federal dole with food stamps, Section 8 housing, Medicaid, and with Obamacare expanding healthcare coverage to millions of uninsured, someone's got to pay for it. Fox News reminds us of the three big Obamacare taxes that will begin in a few weeks:
"Starting Jan. 1, investment income for individuals earning over $200,000 and households earning over $250,000 will be subject to a new 3.8 percent tax. Further, regular income above those thresholds will be hit with a .9 percent Medicare surtax. Should the Bush tax rates expire for those workers, those increases will be compounded.
But the rather obscure medical device tax is the one that has stirred the most controversy in Washington and the business community. This week, groups and lawmakers renewed their calls to repeal it as the IRS published its final rules.
This week, the Internal Revenue Service outlined which medical supplies and technologies will be subject to a tax. Now, everything from latex gloves to pacemakers will become more expensive and in some cases, more scarce,” Rep. Tom Price, R-Ga., said in a statement. “The tax on medical devices harms America’s ability to conduct the necessary research and development to maintain our global competitiveness, resulting in the loss of tens of thousands of jobs and fewer groundbreaking innovations in this field. With millions of Americans unemployed, this simply makes no sense.”
Happy New Tax-Me-to-Death Year!