Opinion : Letter to the Editor-New taxes coming

New taxes coming with the Affordable Health Care Act:

(1) Individual and employment mandates to purchase health insurance.

(2) Medicare Payroll tax hike from 2.9 to 3.8 per cent.

(3) Investment surtax of 3.8 percent

(4) Cadillac Plan excise tax on high cost health insurance

(5) Limitations on use of Health Savings Accounts & Flex Spending Accounts

(6) Medicare Cabinet tax on purchase of over the counter meds

(6) Haircut of medical itemized deductions allowed

(7) New tanning tax of 10 percent

(8) Excise tax on Medical Device Manufactures

(9) Employer reporting of health insurance on employee W-2

All this and more and the deficit will continue to grow and the cost curve of medical care will not be lowered.

New taxes coming in 2013:

(1) Tax rates increase from 10-35% to 15-39.6%

(2) Cap gains increase from 15% to 23.8%

(3) Dividends rise from 15% to 43.4%

Retirees depend on 2. and 3 for retirement income.

(4) Tax on majority of small business profits rises from 35% to 43.4%

(5) Death tax rate increases from 35% to 55% - - attention land and business owners

(6) Death tax standard deduction falls from $10 M to $1 M

(7) Employee Social Security tax rises from 4.2% to 6.2 %

(8) Households affected by Alternate Minimum Tax rises from 4 million to 30 million

(9) Research and Development tax credit disappears

(10) Marriage penalty returns for all taxpayers. Child tax credit cut in half from $1K to $500

And we thought the President only was going to tax the wealthy their fare share??? None of these taxes will lower the deficit or the debt because spending will continue to grow. If Congress does not act all the above tax increases will occur!

Regards,

John Stiegelmeyer