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VIDEO: Obama’s 13 Tax Hikes in 2013
Posted By Rob Bluey On February 27, 2013 @ 10:32 am In Entitlements, Taxes & Spending,Featured | No Comments
President Obama is crisscrossing the country to scare Americans about sequestration. But what’s really frightening are the 13 Obama tax hikes  that took effect in 2013.
These tax increases, which range from new Obamacare taxes to a payroll tax hike on workers, will slow the economy. Heritage Foundation President-Elect Jim DeMint warned on Fox News  last night these tax hikes have the potential to cause more harm than the budget cuts that will happen as a result of sequestration:
Most of the media is so sold out to Obama that they’re missing the obvious. The policies the President has in place, especially the tax increases that just got in, are going to hurt our economy, probably actually bring it down. The President is desperate to blame it on Republicans. He wants to blame it on a reduction in government spending. But the taxes are taking almost two-and-a-half times more out of the economy than this sequester will.
So how do the Obama tax hikes compare to sequestration? It’s a whopping $149.7 billion in taxes vs. $85 billion in spending cuts .
Heritage’s Romina Boccia explains the consequences : Tax increases take money out of the economy that could have been spent on hiring workers and they change the incentives against productive work and investment, which slows growth over the long term.
We don’t expect Obama to mention these tax increases as he campaigns against the sequester. But we do encourage YOU to share our new video  and the list of Obama’s 13 tax hikes , which that was put together by Curtis Dubay, a senior policy analyst at Heritage:
Tax increases the fiscal cliff deal allowed:
1. Payroll tax: increase in the Social Security portion of the payroll tax  from 4.2 percent to 6.2 percent for workers. This hits all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” will lose “an annual income boost of $1,000 .”
2. Top marginal tax rate: increase from 35 percent to 39.6 percent  for taxable incomes over $450,000 ($400,000 for single filers).
3. Phase out of personal exemptions for adjusted gross income (AGI) over $300,000 ($250,000 for single filers).
4. Phase down of itemized deductions for AGI over $300,000 ($250,000 for single filers).
5. Tax rates on investment: increase in the rate on dividends and capital gains  from 15 percent to 20 percent for taxable incomes over $450,000 ($400,000 for single filers).
6. Death tax: increase in the rate (on estates  larger than $5 million) from 35 percent to 40 percent.
7. Taxes on business investment: expiration of full expensing—the immediate deduction of capital purchases  by businesses.
Obamacare tax increases that took effect:
8. Another investment tax increase: 3.8 percent surtax on investment income  for taxpayers with taxable income exceeding $250,000 ($200,000 for singles).
9. Another payroll tax hike: 0.9 percent increase in the Hospital Insurance portion of the payroll tax  for incomes over $250,000 ($200,000 for single filers).
10. Medical device tax: 2.3 percent excise tax paid by medical device  manufacturers and importers on all their sales.
11. Reducing the income tax deduction for individuals’ medical expenses .
12. Elimination of the corporate income tax deduction for expenses related to theMedicare Part D subsidy .
13. Limitation of the corporate income tax deduction for compensation that health insurance companies  pay to their executives.
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2013/02/27/video-obama-13-tax-hikes-in-2013/
URLs in this post:
 13 Obama tax hikes: http://blog.heritage.org/2013/01/08/tax-changes-2013/
 Jim DeMint warned on Fox News: http://blog.heritage.org/2013/02/26/demint-on-greta/
 $149.7 billion in taxes vs. $85 billion in spending cuts: http://blog.heritage.org/2013/02/26/chart-obama-2013-tax-increase-twice-as-large-as-looming-sequestration/
 share our new video: http://youtu.be/SJWgrGu9QDw
 Social Security portion of the payroll tax: http://www.heritage.org/research/reports/2012/06/what-is-payroll-tax-hike-four-basic-facts
 annual income boost of $1,000: http://blogs.wsj.com/economics/2013/01/01/payroll-tax-cut-expires-how-much-more-will-you-pay/
 35 percent to 39.6 percent: http://blog.heritage.org/2013/01/01/congressional-budget-office-shows-senate-bill-is-600-billion-tax-hike/
 dividends and capital gains: https://webmail.heritage.org/owa/redir.aspx?C=a9673a4ad24e44caabb08ac11a4ed28b&URL=http%3a%2f%2fwww.heritage.org%2fresearch%2freports%2f2012%2f07%2ftop-5-reasons-taxmageddon-is-destroying-jobs
 estates: http://www.heritage.org/research/reports/2010/07/the-economic-case-against-the-death-tax
 deduction of capital purchases: http://www.candidatebriefing.com/taxes/
 investment income: http://blog.heritage.org/2012/12/06/obamas-dirty-little-tax-secret-hes-already-raised-taxes-on-the-rich-chart/
 Hospital Insurance portion of the payroll tax: http://www.heritage.org/research/reports/2011/01/obamacare-and-new-taxes-destroying-jobs-and-the-economy
 medical device: http://blog.heritage.org/2012/12/18/medical-device-tax-is-latest-proof-that-taxes-matter/
 for individuals’ medical expenses: http://blog.heritage.org/2012/04/18/top-10-most-expensive-obamacare-taxes-and-fees/
 Medicare Part D subsidy: http://www.heritage.org/research/reports/2012/06/delaying-obamacare-tax-increases-key-part-of-stopping-taxmageddon
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