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Passage of Obamacare means new taxes coming

Published: July 13, 2012

In response to Aaron Johnson (Your Views, July 6): The power to control your health care choices is the power to control you. The health care reform law is beyond flawed. It's the largest tax increase in American history, borne on the backs of the middle class, in violation of the multiple promises President Obama made when pushing the Affordable Care Act. Here are a few new taxes the government will begin collecting on Jan. 1, 2013: medical device manufacturing tax, high medical bills tax, flexible spending account cap, surtax on investment income and a Medicare payroll tax increase.

In total, there are 21 new taxes plus the individual mandate. One example is the surtax on investment income. Currently the capital gains and dividend tax rate are the same at 15 percent. On Jan. 1, those will change to 20 percent for capital gains and 39.6 percent for dividends. Then add the 3.8 percent surtax on those, and it spells disaster for the investment community. After all, who'll invest if nearly half of their dividends go to the government?

Many elderly get dividend income to supplement their Social Security. If they were to get $1,000 in dividends, they used to pay $150 in federal tax but now will pay $434. And that doesn't include state taxes. The ability of individuals to buy insurance a la carte, across state lines, and doing away with the employer-based model currently used — the only people concerned with keeping costs down are the purchasers — would be a better start than Obamacare.

Douglas Thompson, Oklahoma City


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