The “fiscal cliff” is the current bright shiny object, but scant attention is being paid to the new taxes that will start with the new year. The bill for all the pre-election Obamacare freebies will start to come due.
Of course, those “other” people making more than $200,000 will see a new 3.8 percent tax on investment income and will pay an additional 0.9 percent Medicare tax, but everybody will end up paying for the new 2.3 percent tax on medical equipment. All families with high out-of-pocket medical costs will see the threshold rise from 7.5 percent to 10 percent before they claim a dime of medical deductions.
The 30 million people who have flexible spending accounts with their insurance will have the cap cut from $5,000 to $2,500. Although not a “tax,” everybody’s health insurance costs continue to soar by thousands a year.
Democrats can savor the afterglow of the presidential election as the year winds down, but the statute of limitations is over for blaming Republicans for our health care costs. Obama voters can own the Affordable Care Act and the consequences of a bill that nobody read.