Tax related to health care to be started from the beginning of the New Year
From the very first day of the New Year the taxpayers who have high income in the United States have to give tax for the health care activities which will be done by president Obama’s overhaul.
However, at the moment, most of the people are not aware of this thing, because the tax is only imposed on the taxpayers who earn heavy income. However, if the congress starts imposing the tax on the health insurances which is employer sponsored. Well, it will only happen if the lawmakers agree to do it for reducing the federal deficits.
The hikes of tax will be implemented from the very beginning of 2013. It will be implemented to the people who earn a lot, or the people who are in the industry of health care. However, half of the population in the USA has employers insurance which was tax free till the date.
At the moment, workers don’t need to pay any kind of payroll taxes or income for the contributions in health insurance which is debited by the employer.
It is the only break of tax which is allowed by the government. As per the statistics of Congress is concerned, if this tax is taken, the total money which comes from tax will increase $150 billion in the New Year. If the deduction of mortgage interest is wiped out, it will only increase $90 billion.
One of the tax analysts and chief economists Mr. Martin Sullivan has said, “There is no doubt about the fact that the most effective way is to impose tax on health care to increase the revenue which comes from the tax money.”
Well, for the lawmakers it will be quite difficult to reach a final decision on this because it can have a huge effect on the lives of the general people in the United States. If this law is imposed there is always a chance of having some limits. Such limits can be made according to the plan of the health insurance or on the amount of income of the taxpayer. Sometimes it may the combination of the both.
As per the opinion of many economists is a concern, this limit can be extremely good because it will compel the consumers to keep an eye on the cost, and because of that, the expenses on health care can be checked. Therefore, there is a chance in the future that the tax will be imposed on the insurances of high value. Well, there is no chance of this before 2018.
If this new law is implemented in future, it will surely do benefits to the 30 million people who are till now not insured. However, there is a chance that the money will go not only to the cost which is done for the Medicare prescription and outpatient but it can be used for the other works which is conducted by the Government.
Well the implementation of all these laws regarding taxpaying will surely take some time and it will surely have a huge effect on the healthcare of the general people in the USA.