Obamcare

In: Business and Management

Submitted By mattsabers20
Words 1226
Pages 5
Obama Care also known as the Affordable Care Act is a national health care plan aimed at reforming the American health care system. One of the main focuses of the system is to provide all Americans with affordable health insurance. In the process the government wants to improve the quality of health care, health insurance, regulate the insurance industry, and reduce the spending for health care. This plan will go into full affect by January 1st, 2014. It will force most American to have health insurance or pay a fee on their-end of the year taxes. This is just the start of tax implications that will be put into effect this upcoming year. Obama care gives benefits to many U.S. Citizens, but those benefits aren’t free. Different tax implications such as tax hikes, limits to deductions, tax credits, tax breaks, and other changes will be made to cover the cost of these benefits.
One of the most controversial Obama care tax implications is the Medical Device Tax. The medical device tax is a tax for firms making medical equipment such as heart valves or pacemakers, and may other medical equipment. These firms’ wills see a tax of 2.3% on their profit of gross sales. This is a tax that will be enforced to pay even if companies don’t make a profit. According to the Congressional Budget Office this tax will generate 29 billion dollars in a decade. Many of these firms have fought back against this tax. These firms believe this tax will eliminate innovation and may cause many medical equipment manufacturers to relocate overseas. In addition, many have argued that the cost of this tax will be passed onto the consumers in the form of higher health care cost, which is what Obama care wants to prevent. Despite the attempts to repeal this tax the Obama administration expressed that “"This excise tax is one of several designed so that industries that gain from the coverage expansion…...

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