It seems that as of now the Patient Protection and Affordable Care Act is not particularly popular, with an overall disapproval of 53%
vs an approval of 42%.
Source: The Washington Post
DonDiego is a mite surprised at how little folks really
know about the Patient Protection and Affordable Care Act.
__Most folks know that the uninsured are required to purchase insurance. But "[a]mong the uninsured, 76% of respondents said they didn't understand the law and how it would affect them. Only 32% of the uninsured thought they were 'fairly' or 'very' likely to use the exchanges."
__And only about half know that the Government, . . .
i.e the taxpayers, . . . will provide subsidies to the newly-insured low income folks. DonDiego supposes that this reality will begin to sink in over the next few years, . . . when low-income folks learn they're getting something they'll become more approving. And as the taxes legislated but not yet in force kick in the taxpayers who have to pay them will lose some of their already limited enthusiasm:
**A 3.8% surtax on "investment income" when one's adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is "investment income?" Dividends, interest, rent, capital gains, annuities, house sales, partnerships, etc. [ And if Congress does not extend the Bush tax cuts, taxes on dividends will rise from 15% to a shocking 43.8%.] (WSJ)
**A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint). One already pays Medicare tax of 1.45%, and one's employer pays another 1.45% for you (unless one is self-employed, in which case one pays the whole 2.9%). Kicking in in 2013, the Medicare bill will be 2.35%. (WSJ)
**Flexible Spending Account contributions will be capped at $2,500 from the current $10,000. Currently, there is no tax-related limit on how much one can set aside pre-tax to pay for medical expenses. Kicking in in 2013. [
i.e. citizens will be limited for saving their own money tax free to care for themselves.] (ATR.org)
**The itemized-deduction hurdle for medical expenses is going up to $10,000. Any medical expenses over $7,500 per year have been deductible; beginning in 2013 that hurdle will be $10,000. (ATR.org)
**The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)
**A tax of 10% on indoor tanning services has been in place since the summer of 2010. (ATR.org)
**A"Medicine Cabinet Tax" that eliminates the ability to pay for over-the-counter medicines from a pre-tax Flexible Spending Account. (ATR.org)
**A "penalty" tax for those who don't buy health insurance. This will phase in from 2014-
2016. It will range from $695 per person to about $4,700 per person, depending on income.
**A tax on medical devices costing more than $100. Kicked in in 2013, medical device manufacturers have to pay a 2.3% excise tax on medical equipment. This is expected to raise the cost of medical procedures.
**A 40% tax on health care plans will start in 2018.Those whose employers pay for all or most of comprehensive healthcare plans (costing $10,200 for an individual or $27,500 for families) will have to pay a 40% tax on the amount their employer pays. [
This is gonna be expensive for folks who already have excellent health insurance through their employers; clearly they deserve to be punished. No wonder it's delayed until 2018! ] (ATR.org)
