The Washington Examiner
Deep in the list of taxes that the president's Obamacare plan will hit Americans with is a 40 percent excise tax on health plans typical union members have, especially in Midwest states, according to a new analysis.
The Obamacare tax won't take place until 2018, but when it does it will smack high cost, or so-called "Cadillac" health insurance plans, according to the group Americans for Tax Reform.
"This tax will most directly affect union families and early retirees, who are likely to be covered by such plans," said ATR in a review of upcoming tax cuts in the health reform package set to go into effect in January. It will target plans whose premiums exceed $10,200 for an individual and $27,500 for a family.
"Middle class union members tend to be covered by such plans in states like Ohio, Pennsylvania, Wisconsin, and Michigan," said ATR.
Many more people are likely to be hit if insurance firms raise premiums by up to 400 percent after Obamacare kicks in. A House report provided to Secrets said that 17 major insurers said the average premium increase will be 100 percent and others could top 400 percent.
ATR also warned that Americans participating in flexible spending accounts at work will no longer be able to put away whatever they want, thereby cutting their tax bill. The cap will be $2,500 a year, resulting in a $13 billion tax bill over the next 10 years for those who used to put away more than $2,500.
READ FULL SOURCE ARTICLE: 05/15/2013
Editor's Note: We were promised -- sold on the idea -- that with the implementation of Obamacare everyone would be able to both keep their insurance (if they liked it) and that health insurance and medical costs would go down; become more affordable. Each of these points has turned out to be empirically false and, in fact, the complete opposite. Many who enjoyed their health insurance plans through their employers are losing their coverage because of the expense. Health insurance premiums are skyrocketing, some by between 100% and 400%. And medical industry costs continue to increase, only now at an accelerated rate. So, the question is this. When do Progressives admit that their plan -- Obamacare -- sucks? That it is a complete failure, poorly planned out and that it only enriches very select cronies of their inner-circle on the backs of the whole of the American people??? Additionally, when do real Democrats start disassociating themselves with the Progressive Movement, and will they do so before their brand is completely ruined?...
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