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ATR: Obama Lied, His Tax Pledge Died
Date:11/6/2009

empt business owners making less than $250,000 per year, this employer mandate tax will violate President Obama's promise in some cases.

Tax Hikes on Healthcare Spending Accounts

  • Cap on Flex-Spending Account (FSA) contributions at $2500 (Page 325): Currently, the contribution level is unlimited
  • Medicine Cabinet Tax (Page 324): Americans would no longer be able to purchase over-the-counter medicines with their FSA, Health Savings Account (HSA), or Health Reimbursement Arrangement (HRA)
  • Increase in the Non-Qualified HSA Distribution Penalty from 10% to 20% (Page 326): This makes HSAs less attractive, and paves the way for HSA pre-verification

There are 30 million Americans with FSAs. About 8 million Americans have an HSA. Virtually all of them make less than $250,000 per year. These are clear tax hikes on these families

Making Legal Tax Deductions Not So Legal

  • Codification of the "Economic Substance Doctrine" (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.

There is no exception for families making less than $250,000 per year.

Americans for Tax Reform is a non-partisan coalition of taxpayers and taxpayer groups who oppose all tax increases. For more information or to arrange an interview please contact John Kartch at (202) 785-0266 or by email at jkartch@atr.org.

SOURCE Americans for Tax Reform


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SOURCE Americans for Tax Reform
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