Obama Care

Has Obama Raised Taxes? That Depends on Whom You Ask - FoxNews.com (http://www.foxnews.com/politics/2010/10/13/broken-promises-obamacare-tobacco-tax-hike-hits-middle-class-wallets-tax-group/)

I think i mentioned this a while back, but its really important information that anyone with a HSA or FSA needs to be aware of. I have a high deductable HSA plan and love it because of the prudence it forces you to be abide by, but this really really sucks. Its going to affect a lot of people, and when i hear that someone has a HSA or FSA i bring this up and they usually have no idea.

FoxNews.com - New Rules Coming for Payments Out of Health Savings Accounts (http://www.foxnews.com/politics/2010/10/15/new-health-care-rules-require-doctors-note-pay-otc-drugs-fsas/)

So from what ive heard there are going to 2 basic ways to go about getting your prescriptions.

1. The next time you go to the doctor get a prescription for everything you need or can think there is ever a chance you may need at some point in the coming tax year. (your doctor will hate you)

2. Save every reciept for everything you bought during 2011 and go back and a get a prescription for it. (your doctor will hate you)

In normal situations I don’t really have a need to go to a doctor so this issue affect people like me the most. The whole concept behind a high deductable HSA is that it keeps people from going to the doctor when the really shouldn’t (like because you have a cold or basic flu). For people with a normal FSA add on arnt really going to be financially affect by this, just really inconvenienced by it

I guess OsamaCare (http://www.businessweek.com/news/2010-10-21/witness-testifies-he-left-al-qaeda-over-payment-of-wife-s-care.html) isn't as stellar as ObamaCare.

I guess OsamaCare (http://www.businessweek.com/news/2010-10-21/witness-testifies-he-left-al-qaeda-over-payment-of-wife-s-care.html) isn't as stellar as ObamaCare.
Maybe if we just offer them all health ins.

Has Obama Raised Taxes? That Depends on Whom You Ask - FoxNews.com (http://www.foxnews.com/politics/2010/10/13/broken-promises-obamacare-tobacco-tax-hike-hits-middle-class-wallets-tax-group/)

Usually when we debate taxes here we are talking about the rich v/s the poor and sometimes on a personal level. I don't think he has raised my federal taxes and actually I just had my taxes done last week and I'm getting a 5 digit return. Not sure why because I have not talked to my CPA but I'm sure it has more to do with my business and what I paid and not anything Obama has done. What he is doing will probably increase my cost over the next few years.

Usually when we debate taxes here we are talking about the rich v/s the poor and sometimes on a personal level. I don't think he has raised my federal taxes and actually I just had my taxes done last week and I'm getting a 5 digit return. Not sure why because I have not talked to my CPA but I'm sure it has more to do with my business and what I paid and not anything Obama has done. What he is doing will probably increase my cost over the next few years.


Have your revenues gone way up in this down economy to warrant a bigger return? If not you might be seeing some of that stimulus tax cuts. Now go spend it and create more jobs.

Have your revenues gone way up in this down economy to warrant a bigger return? If not you might be seeing some of that stimulus tax cuts. Now go spend it and create more jobs.

No last year the business dropped some but not very much and it sucked because it was my first year in business not growing. The larger an Ins Agency the harder it is to grow because you have to replace about 10% of the accounts you natually loose every year. So if we have 3000 accounts we have to write 300 new policies to stay even.

Now on the spending. I'm putting the federal tax money in my retirement account and spending my state money. My wife got the new washer and dryer so I'm finally getting an HD TV. I'm going to need to start a thread on which one to get.

No last year the business dropped some but not very much and it sucked because it was my first year in business not growing. The larger an Ins Agency the harder it is to grow because you have to replace about 10% of the accounts you natually loose every year. So if we have 3000 accounts we have to write 300 new policies to stay even.

Now on the spending. I'm putting the federal tax money in my retirement account and spending my state money. My wife got the new washer and dryer so I'm finally getting an HD TV. I'm going to need to start a thread on which one to get.


Please feel free to thank Obama for returning more of your money.

So you have to pay 90% of your the current years tax liability or 100% of last years tax liability (or 110% if you make over 150k) or otherwise you get hit with a 20% penalty (additional tax) on your underpayment. Im guessing that since first owns his own business his accountant has him make 100% or 110% (if first makes over 150k) tax payments based off of last years income taxes.

So i guess techniqely Obama is returning more of his money, but only because he earned less money and therefore doesnt have to pay as much taxes. Apparently when you own a small business your income isnt guaranteed (where are you Obama?) and you can actually make less money, no money at all or even LOSE money......

So you have to pay 90% of your the current years tax liability or 100% of last years tax liability (or 110% if you make over 150k) or otherwise you get hit with a 20% penalty (additional tax) on your underpayment. Im guessing that since first owns his own business his accountant has him make 100% or 110% (if first makes over 150k) tax payments based off of last years income taxes.

So i guess techniqely Obama is returning more of his money, but only because he earned less money and therefore doesnt have to pay as much taxes. Apparently when you own a small business your income isnt guaranteed (where are you Obama?) and you can actually make less money, no money at all or even LOSE money......

You lost me on the first paragraph.

The nature of my business you cannot really go from making good money to loosing money from one year to the next. Now the business its self can loose money but thats after everyone gets paid so I'm not sure how that works with taxes. I do know if I leave any money in the business come January 1 I have to pay taxes on that money even though its in the business checking account. I hate that because at the end of every year it forces me to spend all the money in my business account or get hit with taxes.