Yet the Health Care Bill Marches On...

Most talked about taxes in Senate Health Bill:

• Individual Mandate Tax (would start in 2014):
• Income surcharge tax if you don’t have government approved health care.
• Capped at 8% of your income.
• Employer Mandate Tax (p348):
• At least 50 employees and does not offer health care coverage
• $750 non-deductable tax for all full time employees if you have one qualifying employee
• Excise Tax on Comprehensive Health Insurance plans
• Would start in 2013
• Your employer would have a 40% tax on Cadillac Health Insurance Plans
• If you health insurance is worth more then $8,500 for individual and $23,000 for family plans
• 2013-2015 17 highest cost states would be above this threshold (127%).
• Employer reporting tax on W2
• Medicine Cabinet Tax (P 1097 section 9003)
• No longer allowed to use Health Savings accounts and Flexible Spending Accounts on pre-tax dollars on medication
• Except Insulin
• HSA Withdrawal Tax
• Raising tax from 10% to 20% for early withdrawals
• FSA Cap:
• Currently unlimited – bill would cap this at $2,500.
• Excise Tax on Charitable Hospitals
• $50,000 per hospital if they fail to meet new community assessment need.
• Business MISC 1099 Reporting
• Compliance burden on small businesses
• 2.3 billion annual tax on industry for innovative drug companies imposed on the relative sales posted for that year
• 2 billion annual tax on medical device manufacturing imposed on the relative sales posted for that year
• Exempts items less then $100
• Tax on Health Insurance (3rd page of Quick Summary)
• Eliminate tax deduction for employer provided prescription drug coverage of Medicare part D
• Raise haircut for medical itemized deductions from 7.5% to 10%. Will be waved for people age 65+ but only years 2013-2016.
• $500,000 annual compensation limit for health care executives
• Hike in Medicare payroll tax (First $200,000 of salary):
• Current: Employee 1.50% / Employer 1.45% / Self Employment 2.9%
• In Health Care Bill: Employee 1.45% / Employer 1.90% / Self-Employed 3.4%
• New Rate increases not tax deductable
• 5% Excise tax on cosmetic medical procedures.

Latest statistics show that small businesses represent 70% of all jobs in the United States.  Why is congress trying to destroy this system?

It would take 145 years and 100% of the profit from the fortune 500 companies (based on 2008 figures) to pay off our current debt in principle only.  That figure does not include the interest payments.

The US Government has 4 separate account books.  Why doesn't anyone talk about this so call accounting practices.

Our real national debt is 106 trillion dollars or $343,000 per living citizen in the United States. When China stops buying our debt - then what do we do Mr. President, what shall we do then?