American Elephants


Health Care Insurers Will Get HIT With More Taxes Next Year, Which Will Be Passed On To You. by The Elephant's Child

Is it fairly clear out there that people really aren’t very enthusiastic about ObamaCare? So is it a popular idea to increase the damage the failed law is doing? One would think not. Silly me. Over the Thanksgiving weekend the administration finalized the ObamaCare Tax ( the Health Insurance Tax (HIT) Love the acronym). This is a provision in ObamaCare that will cost nearly $60 billion over the next five years and raise health care premiums by 3 percent.

The final rule, published on November 27, imposes a fee beginning in 2014 for health insurers with premium revenues over $25 million per year. Can’t have any of the dreaded insurance companies making too much money. The tax is levied for “United States health risks,” and is hidden from consumers since it is directly levied on health insurance companies.

But of course the insurance companies don’t pay the tax, you do. It will be added to the cost that you are already shocked by. It will disproportionately fall on small companies. The American Action Forum found that premiums for small businesses and household will increase as much as 3 percent over the next ten years or roughly $5,000 per family over the next decade. That’s all you need — another $5,000 added to your bill. The taxes don’t even go to fund new health care benefits, but goes right into the Treasury.

They can’t help themselves. More control, more regulations, more taxes and then they simply cannot understand why the unemployment rate stays so high. They are unable to grasp that there is a relationship between increased regulation and taxes and control and employers’ reluctance to hire. They are cheering the unemployment rate’s move from 7.3 % all the way down to 7 %. That it should be around 3 % by now never seems to occur to them.

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