Obamacare Imposes New Tax on Over-the-Counter Medication
Today is the last tax day individuals with health savings accounts, flex spending accounts or health reimbursement accounts will enjoy tax-free over-the-counter medication benefits.
Starting on January 1, 2011, Obamacare subjected FSAs, HSAs, and HRAs to new tax restrictions. Individuals can no longer use their spending or reimbursement accounts to pay for over-the-counter medication without a prescription. If a person does use their spending account on what Obamacare deems "nonqualified" medical expenses, the cost of the drug will be counted as income and taxed at 20%.
CBO Director Elmendorf: We are Least Certain About Everything
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"Nobody is more aware of the uncertainty of these projections than those of us who were responsible for putting them together..."
"...One very important uncertainty is how employers will respond to the existence of subsidies for buying insurance coverage in the new exchanges..."
"...The savings from those provisions are incredibly uncertain."
Foster: Win/Win to Drop Coverage
During a Health Subcommittee hearing on the true cost of the health care law, CMS Chief Actuary Rick Foster today told Rep. Mike Rogers (R-MI), "For businesses that have relatively low-income workers, it can turn out to be a win/win for them to drop their former coverage and assist their employees into getting coverage through the exchange."
What a difference 21 months and one massive law make.
"If you like your health care plan, you'll be able to keep your health care plan, period."
(President Barack Obama,...
Buried in the Health Care Law's Nearly 2,900 Pages: A Bailout for State Governments, Fortune 500 Companies, and Hollywood Unions
It has been one year today since Obamacare became law, and in that time, we have certainly continued to "find out what's in it." The latest revelation? A $5 billion bailout fund for state governments, Fortune 500 companies, and Hollywood unions that is rapidly going bankrupt after doling out half a billion dollars much more quickly than anticipated.-- So far, fewer than 5 percent of the organizations "approved" to participate in the program have received funds.
So what is this mysterious $5 billion bailout? Known as the...
Obamacare Price Tag Spikes by 54%
According to CBO's latest estimates, the cost of Obamacare has increased by $500 billion.-- Meaning, in only one year, the cost has increased from an already staggering $938 billion price tag to $1.445 trillion.
Let's put that into perspective. Half a trillion dollars could buy:
â€¢--All 32 NFL Teams ($32.7 billion), 30 NBA Teams ($11 billion), 30 MLB Teams ($14.7 billion), and 30 NHL Teams ($6.68 billion) almost 8 times.â€¢--1,002,004,008 iPad 2s ($499)â€¢--A Ford F-150 for every resident in New York City, Los Angeles, Chicago, Houston,...
More Obamacare Double Counting Confirmed
The House Energy and Commerce Health Subcommittee today held a hearing to examine the implementation and sustainability of the CLASS program.-- During the hearing, Administration on Aging Assistant Secretary Kathy Greenlee admitted to Rep. Tim Murphy (R-PA) that funds from the CLASS program were double counted as both funding the program and contributing savings in the health care law. Watch the exchange here.
TranscriptMurphy: So that money is also going to cover the health care bill as well as the CLASS Act?
Greenlee: That sounds accurate.
Fox News' Roundtable on Sebelius' "Accidental Truth"
First... Chief Actuary Rick Foster Says: Cuts in Medicare "cannot be simultaneously used to finance other Federal outlays (such as the coverage expansions) and to extend the trust fund."
Then... President Obama Agrees:"What I do agree with is that you can't say you're saving on Medicare and then spend the money twice."
Now... Secretary Sebelius Admits:Shimkus: "Are you using it to save Medicare or to fund health care reform?"Sebelius: "Both."
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Fox News' Roundtable Analysis"The classic definition...