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Timetable of Taxes from Obamacare

Created on August 8, 2012

Timetable of Taxes from Obamacare

Several taxes from Obamacare have already taken effect, though the largest—an increase in the hospital insurance (HI) portion of the payroll tax—begins in 2013. Combined, the taxes will cost Americans $836.3 billion through 2022.

Total Revenue, 2013–2022

End of special deduction for Blue Cross/Blue Shield organizations

Increase in taxes on health insurance companies by limiting the amount of compensation paid to certain employees they can deduct from their taxes

10% excise tax on indoor tanning services

Elimination of the corporate deduction for prescription expenses for retirees

Fee on insured and self-insured health plans to fund PCORI

Reduction in the number of medical products taxpayers can purchase using funds they put aside in HSAs and FSAs

Increased penalty for purchasing disallowed products with HSAs to 20%

Increase in corporate taxes by making it more difficult for businesses to engage in business activities that reduce their tax liability

Exclusion of unprocessed fuels from the existing cellulosic biofuel producer credit

7.5% adjusted gross income floor on medical expenses deduction raised to 10%

Limit on the amount taxpayers can deposit in flexible spending accounts (FSAs) to $2,500 a year

2.3% excise tax on manufacturers and importers of certain medical devices

Fee on manufacturers and importers of branded drugs based on each individual company's share of the total market

Tax on individuals who do not purchase health insurance

Annual fee on health insurance providers based on each company's share of the total market

Penalty paid by employers that do not offer health coverage to their employees

40% excise tax on “Cadillac” health insurance plans costing more than $10,200 for individuals and $27,500 for families

Increased HI portion of the payroll tax from 2.9% to 3.8% for couples earning more than $250,000 a year ($200,000 for single filers); increased HI tax applied to investment income for the first time

Health Care

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Sources: Joint Committee on Taxation and Congressional Budget Office.