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$1 Trillion Hike for Affordable Care Act

Floor Speech

By:
Date:
Location: Washington, DC

Mr. BURGESS. Madam Speaker, 2013, brand-new year, brand-new Congress. But what's this year also bringing? How about some brand-new taxes under the Affordable Care Act.

There is a medical device tax that started on January 1 of 2.3 percent on gross sales. This means some of our smallest companies, medical start-up companies, are going to pay a tax not on profits but their gross receipts.

The flexible spending account that many families rely upon to pay for recurring expenses with pre-tax dollars, especially those families with special needs children, those are now capped at $2,500.

Investment income, a surtax of 3.8 percent for people who earn above a certain level.

Taxes on medical deductions, it rises from a 7.5 percent reduction to 10 percent on adjusted gross income. That means our sickest constituents are going to be paying more taxes.

And then, finally, the Medicare payroll tax hike. For the first time, individuals who earn investment income are going to be paying a payroll tax of .9 percent. There will be an additional .9 percent on other income as well.

Let's be honest, the Affordable Care Act benefits are still over a year away, but boy, you got a big tax bill January 1.


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