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(Medical-NewsWire.com, August 17, 2012 ) San Francisco, CA - According to marketoracle.co.uk, all those benefits associated with Obama’s Affordable Care Act come at a price. The new health care law is expected to only add to burden on public budgets as it includes several new direct and hidden taxes.
These taxes will not only hit the rich or those making over $250,000 but the working middle class will also be severely affected. Some of these taxes will come in the form of disguised business costs. Prices of drugs and health insurances are likely to rise as a result of this catastrophic situation.
"The legislation imposes more than $569 billion in new or increased taxes, the vast majority of which will fall on businesses," writes Michael Tanner in a 2011 Cato Institute report on the impact of the healthcare law. "Many of those taxes, especially those on hospitals, insurers, and medical device manufacturers, will ultimately be passed on through higher health costs."
Since federal government has not shared all details with the public, not many of us are aware of just how many new taxes loom over this new 2500-plus pages law. Most of the discussion about the affordable Care Act gives attention to only the constitutionality of individual consent, which turns out to be a tax itself, marketplace further added.
The new law will have direct reach to our pockets in several ways. People with more than $200,000 annual gross income will be forced to pay an additional 3.8 per cent surtax on investment income, which means government can now claim a share on our dividends, interest, rent income, house sales, annuities and capital gains. With the new Obamacare law, top income group will see their Medicare payroll tax deduction rise from 2.9 to 2.8 per cent.
Under the new law, many Americans who use their flexible spending accounts to set aside their savings each year for their medical costs, will not be able to put more than $2,500 in their accounts.
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Source: EmailWire.Com 
Source: EmailWire.com
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