Are you ready for the new taxes coming from the Supreme Court ruling on Obamacare? If not, you need to get ready!
The Affordable Care Act, also known as Obamacare, has been one of the heated aspects of President Obama’s time in Office. The Supreme Court deemed it constitutional on Thursday and it will impact individual taxpayers.
Starting in 2013 an extra 0.9% Medicare tax will be charged on salary above $200,000 for an unmarried individual, $250,00 for a married joint-filing couple, and those who file separate status will pay the extra tax above $125,000.
Are feeling taxed to the max?
President Obama promised time and time again that his health care proposal would not cause new taxes and the ruling by the Supreme Court that this is, in fact, a tax causes interesting views of the political environment heading into a November election.
The LA Times writes:
“In fact, Obama repeatedly argued that the new law wasn't a tax. Yet the Justice Department's advocate before the Supreme Court, Solicitor General Donald B. Verrilli Jr., argued that not only was the individual mandate a valid exercise of Congress' power under the commerce clause, it was a constitutional exercise of Congress' tax power. As Verrilli put it in his initial brief: "The practical operation of the minimum coverage provision [i.e., the individual mandate] is a tax law. It is fully integrated into the tax system, will raise substantial revenue, and triggers only tax consequences for non-compliance.”
Do you feel that you have been lied to? How will you vote this November?
Feel free to stop any Liberty Tax® office to help prepare yourself for the new health care laws.