Some of the private health insurance cost increases that we will be experiencing are caused by ObamaCare tax increases on private health insurance premiums. There are four such new taxes, the total of which in 2014 equals 4% of premiums. These taxes will continue to be phased in at higher rates through 2018. Did you hear President Obama mention these tax increases as part of his explanation of why private health insurance costs were increasing?
There are dozens of other new ObamaCare taxes in addition to these premium taxes. The ObamaCare taxes that are individually expected to raise $30 billion or more are:
- The biggest tax increase in terms of revenue is a 3.8% surtax on investment and other unearned income, effective January 1, 2013. This only affect the “rich” (households making at least $250,000 ($200,000 single)).
- For those same “rich”, a .9% additional tax on wages and other employment income, effective January 1, 2013
- The individual and employer mandate taxes if health insurance is not purchased, effective January 1, 2014.
- Starting in 2018, a Cadillac health insurance tax for plans that provide too much coverage.