March 23, 2010

New Taxes in Health Care Bill

From Business Insider:

Description: A 40% tax on health insurance plans exceeding determined levels. Those levels are projected for 2013 to be $8,500 for self only and $23,000 for any other level.

Description: An increase from 10% to 20% on taxes of money in a health savings account not used for qualified medical expenses. For Archer medical savings accounts, an increase from 15% to 20%.

Description: A $50,000 tax on hospital organizations, which fail to meet described quality requirements.

Description: A fee based upon the sales of pharmaceutical companies in relation to the total sale of such pharmaceutical products to the public.

Description: Medical device manufacturers must pay a fee in relation to the sales of their product in the marketplace and the total sales of devices.

Description: A fee applied to all health insurance providers based upon net premiums and any third party fees associated with the administration of those programs.

Description: High income tax payers, making on a joint return over $250,000 and a standard return over $200,000, are required to pay an additional 0.5% of wages. This applies to both self-employed, and regularly employed individuals.

Description: A tax of 5% is levied upon the am mount paid for any cosmetic surgery. This does not include the need for such surgeries created by trauma or a disfiguring disease. If the tax is not collected by that professional completing the procedure, their business is still liable for the requirement.

Description: A 2.5% income tax on individuals who do not have health care coverage, limited to a cost less than the average national health care premium.

Description: For self-insured plans, a fee on the sponsor whether that is the employer or the employee organization. Also, a fee on the issuer of every health care plan imposed.

Description: For firms refusing to pay health insurance, but not meeting required exclusions, an 8% tax on wages will be applied.

Description: A tax of 10% on the amount paid for any tanning service.

Description: A 1% tax increase for individuals making between $350,000 and $500,000.

Description: A 1% tax increase for individuals making between $350,000 and $500,000.

Description: A 1.5% tax increase for individuals making between $500,000 and $1 million.

Description: A 5.4% increase for individuals making more than $1 million.

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