A blog for people who love America.

• Individual Mandate Tax. If you don’t sign up for health insurance, you will have to pay a tax.
• Employer mandate Tax. $400 per employee if health coverage is not offered. Note: This is a huge incentive to drop coverage, as $400 is much less than the average plan cost of $11,000 for families or $5000 for singles. (Source: AHIP).
• Excise Tax of High Cost Health Plans. New 35% excise tax on health insurance plans to the extent that they exceed $21000 in cost ($8000 single).
• Report Employer Health Spending on W-2. This is clearly a setup for the easy individual taxation of employer-provided health insurance down the road.
• Cap Flex-Spending Account (FSA) Contributions at $2000. Currently unlimited.
• Eliminate tax deduction for employer-provided retirement RX drug coverage in coordination with Medicare Part D.
• Medicine Cabinet Tax. Americans would no longer be able to purchase over-the-counter medicines with their FSA, HSA, or HRA.
• Increase Non-Qualified HSA Distribution Penalty from 10% to 20%. This makes  ”>HSAs less attractive, and paves the way for HSA pre-verification.
• Corporate 1099-MISC Information Reporting. Currently, only non-corporations providing property or services for a business must be issued at 1099-MISC. This would expand the requirement to corporations doing business with other businesses.
• Various industry tax grabs based on market share.

If Obama sings this bill into law, thing that I doubt since both Democrats and Republicans in both House and Senate HATE it, he would breake his promise of not raising taxes.

Source: Americans for Tax Reform.