By Matt Hawes<\/p>\n
CNSNews.com reports on the provisions in the new health care bill that violate President Obama’s campaign promise that families making less than $250,000 and individuals earning less than $200,000 a year would not see any tax increases.<\/p>\n
\nAt least seven of these taxes directly affect health consumers regardless of income, such as the individual mandate to buy insurance, the employer mandate, the tanning tax, and limits and penalties on health savings accounts. In addition, Republicans argue that the tax impact of the law<\/a> should include indirect taxes, such as the annual taxes on the health care sector that will be passed on to consumers….<\/p>\n
Further, the law increases the tax from 10 percent to 20 percent for non-medical early withdrawals from a health savings account for those under the age of 65. This measure takes effect in 2011 and is estimated to increase revenues by $1.3 billion. This is under Section 9004, “Increase in additional tax on distributions from HSAs and Archer MSAs not used for qualified medical expenses.”…<\/p>\n
The law also imposes a 40-percent tax on high-cost insurance plans reaching $10,200, but exempts union members unless the cost of their plan reaches $27,500. This is called the “Cadillac tax.” This tax is actually on the insurer. This goes into effect in 2018 and is estimated to raise $32 billion in revenue….<\/p>\n<\/blockquote>\n