THE WISE SHALL UNDERSTAND

$1 TRILLION Obamacare Tax Hike Hitting You On January 1 2013

| December 29, 2012
“Then shall stand up in his estate a raiser of taxes in the glory of the kingdom: but within few days he shall be destroyed, neither in anger, nor in battle.” Daniel 11:20

On January 1, regardless of the outcome of fiscal cliff negotiations, Americans will be hit with a $1 trillion Obamacare tax hike.

Obamacare contains twenty new or higher taxes. Five of the taxes hit for the first time on January 1.  In total, for the years 2013-2022, Americans face a net $1 trillion tax hike for the years 2013-2022, according to the Congressional Budget Office.

obamacare-trillion-dollar-tax-hike-hits-january-1-2013

On January 1, regardless of the outcome of fiscal cliff negotiations, Americans will be hit with a $1 trillion Obamacare tax hike.

The five major Obamacare taxes taking effect on January are as follows:

The Obamacare Medical Device Tax:  Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year.  In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to artificial hips more expensive.

The Obamacare Flex Account Tax: The 30-35 million Americans who use a pre-tax Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2500. This will squeeze $13 billion of tax money from Americans over the ten years. (Currently, the accounts are unlimited under federal law, though employers are allowed to set a cap.)

There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.  There are several million families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obamacare tax provision will limit the options available to these families.

The Obamacare Surtax on Investment Income: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single).  This would result in the following top tax rates on investment income:

Capital Gains Dividends Other*
2012 15% 15% 35%
2013+ (current law) 23.8% 43.4% 43.4%

The table above also incorporates the scheduled hike in the capital gains rate from 15 to 20 percent, and the scheduled hike in dividends rate from 15 to 39.6 percent.

The Obamacare “Haircut” for Medical Itemized Deductions: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI).  This tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans.  This tax provision will most harm near retirees and those with modest incomes but high medical bills.

The Obamacare Medicare Payroll Tax Hike:  The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits.  Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate instead. This is a direct marginal income tax hike on small business owners, who are liable for self-employment tax in most cases. The table below compares current law vs. the Obamacare Medicare Payroll Tax Hike:

First $200,000
($250,000 Married)
Employer/Employee
All Remaining Wages
Employer/Employee
Current Law 1.45%/1.45%
2.9% self-employed
1.45%/1.45%
2.9% self-employed
Obamacare Tax Hike 1.45%/1.45%
2.9% self-employed
1.45%/2.35%
3.8% self-employed

 Click here for a PDF of this document

source – ATR

 

 

About the Author:

NTEB is run by end times author and editor-in-chief Geoffrey Grider. Geoffrey runs a successful web design company, and is a full-time minister of the gospel of the Lord Jesus Christ. In addition to running NOW THE END BEGINS, he hosts a twice-weekly bible study and prophecy radio show on BlogTalk Radio, and oversees a dynamic street preaching outreach and tract ministry team in Saint Augustine, FL.
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23 Comments on "$1 TRILLION Obamacare Tax Hike Hitting You On January 1 2013"

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  1. Faith says:

    In a few days he shall be destroyed, not in anger nor in battle.
    What does this mean to you?

    Will obama disappear?
    :)

    • Encorus says:

      It means that you are an idiot for believing such things.

    • Squig says:

      Yet another Bible verse taken out of context by whomever runs this site…

      • Craigory says:

        Are you doubting that Obama is an antichrist? Doesn’t have to be thee antichrist but he’s an antichrist nonetheless.

        For there shall arise false Christs, and false prophets, and shall shew great signs and wonders; insomuch that, if it were possible, they shall deceive the very elect. Matt. 24:24

        • Squig says:

          My post was regarding the use of Daniel 11:20. This verse was taken out of context and it has nothing to do with U.S. and/or Obama raising taxes.

  2. Obama a puppet like so many others of Rothschild the pope for lucifer be brave tell truth this Webb site stop blaming these simple mined men and woman who fell in the trap remember you are trapped also why do you follow the commandments so stop throwing stones and start promoting truth

  3. Toma Joel says:

    Thus says The Lord: Did you think My wrath would tarry forever?! Did you think My judgment sleeps?! Are My eyes closed to all these atrocities committed upon the earth, day and night, without ceasing?! Are My ears also stopped from hearing?!… Lo, I have seen and I have heard!

    My face draws near to this earth!…

    My eyes are filled with fire and fury!…

    My forehead wrinkles, and is set hard against you,
    O inhabitants of the earth!…

    For it is time!

    It is time to shake the cities of men by measure, and to bring up wrath from beneath! City by city shall be punished… One here and another there. Behold, it shall come upon them suddenly, and men shall fear, and with great perplexity shall their hearts fail!… A great trembling shall now come upon all people!…

    THE TERROR OF THE LORD IS AT HAND!…

    It shall come in swiftly, and you shall not know from where it shall come!
    It shall come upon city after city, without warning!

    For I have caused the earth to become angry. Lo, the depths of the earth tremble at My nearness, and soon this planet shall rage!… It shall rage against you, O deceitful generation! It shall devour and consume this generation!… Scouring from the earth all man has made!
    The Scriptures do not lie! And My prophets speak, yet the people refuse to hear!… They will not listen. Even My own people will not believe, yet their belief is not at all required… For My will is set, and can in no wise be turned back! The truth of My Word stands! It speaks throughout the generations and echoes throughout eternity!…

    For I AM THE LORD!… YaHuWaH!…I am EL Shaddai!…And I shall surely perform all I have spoken.

    I shall not cease, nor relent, nor shall I be turned back from My purpose!… The kingdoms of men must die! And the evil of men must be destroyed!… All must be wiped away!

    Peoples of the earth, you have hated life!

    You have polluted MY garden!

    DISEASED AND AWFUL GENERATION,
    YOU HAVE DESTROYED THE GARDEN!…

    And so I am come to cleanse! And to wipe away!…

    I am come down!…

    MY FACE IS VERY NEAR!

    Do you feel the heat of My wrath, O ignorant and vain peoples?!… You retain no knowledge at all! Only greed and wickedness, wickedness upon wickedness, passes before your eyes without ceasing… And oh how you love to have it so!
    DEAD GENERATION! Your hearts are stone!… Day after day you build up wrath, the vessels overflow! Day by day, the bodies are stacked up in heaps! Day by day, the unborn are slaughtered!… Whole generations of people murdered without cause! Multitudes of innocent cast off as refuse!… Yet you think Me too harsh, and My punishments too severe, My judgments unfair?!

    I AM THE LORD, AND THIS IS MY EARTH!
    THESE ARE MY CHILDREN!…

    All you see, from the ground beneath your feet
    To the farthest reaches of the universe, is MINE!…

    And I shall do as I please!

    I shall do according to the counsel of My own will…

    For I am God!

    Therefore, O peoples of the earth, because you have slaughtered the innocent and murdered your neighbor… Lo, you have even made for yourselves laws, that all may do their pleasure in unrighteousness and perform evil at their leisure… So then shall I also declare MY Law, and it shall fall hard upon the backs of all nations!
    Yea, I have put forth the decree, and hasten to carry out your sentences, O peoples of the earth! And what is the sentence, you ask?… Look upon the slaughtered innocent, look upon their torn and broken bodies… Behold how they are torn in pieces! See how their blood pours down and their limbs are strewn about!… LOOK!!! Look how they are scraped out of their mother’s womb!… Look upon the works of your hands, you evil and most wicked generation!… LOOK UPON YOUR WICKEDNESS!!! LOOK UPON ALL YOU HAVE DONE!

    THE TIME HAS COME!

    Hear the WORD of the LORD spoken to THIS modern generation!
    free at:
    TrumpetCallofGodonline . com

  4. Thank you for posting. I am re-blogging this. I can’t believe the amount of people that are refusing to acknowledge this evil man and his administration. I agree with all the comments thus far. I also think it may be time to heed the warnings of Isaiah 26:20 Go my people, enter your rooms for a little while until his wrath has passed by.

  5. brian says:

    America will fall like the Roman Empire

    • Deanna says:

      How long must God warn this wicked generation? The time has come for His wrath! Be ready to pay for your sins. This was our choice and we chose to defy God’s Words and laws which were for our own good! See how good these choices look now! Don’t say we were not warned! But God is not mocked and He has been very, very patient! Be ready people, REPENT, for the time is short!

  6. Jason says:

    I don’t think Mr Obama is the Antichrist, but his liberal ways and immoral policies will usher in the man of lawlessness. So, it won’t be a huge transition for people to be totally willing to follow this silver tongued devil. In a way, Mr Obama is “an” antichrist, but one more sly and evil will follow him.

  7. Erlene says:

    This is what I think also, Jason. He is the precursor of the man of perdition whom Scripture says is so charismatic that the whole world will follow after him.

  8. Michael says:

    The Historical Clock Daniel 2:1 –
    Daniels 70th week for Israel, refiners Fire is yet! =7yrs
    144,000 Jewish Evangelist
    II Thessalonians 2: the Mystery of Evil = 7 yrs
    10 King Confederacy with Anti Christ the False Messiah in Yerusalem
    Before the Stoning of the Great Image

  9. Gail Webster says:

    yes I thank you for the warning that is coming, people need to wake up- its time to make peace with Father God. and Jesus, John ch 14 v6. shalom:)

  10. friend of God says:

    1 trillion bucks…that don’t bother me… It was inevitable..no matter who came to office….but the perfect word that “end time servant” said is puppet…I look forward to these things…because the end is near…I don’t give president Barack Obama credit for the events to come…it has to happen

  11. Ruby Lillian says:

    I don’t give Obama “credit” but he sure shoulders a lot of the “blame” He is no victim of his own evil ways.

  12. Very true. Obama has made many bad decisions that have reflected his true character and soul.

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