As tax day rapidly approaches, many Americans work vigorously to make the filing deadline. As if this task were not daunting enough, the President and Democratic leaders look to implement a controversial part of the unpopular Obamacare law. Politico reports, “At issue is a 40 percent excise tax on the health benefits companies provide their workers above a certain threshold. In 2018, the tax will hit insurance and related perks valued at more than $10,200 for singles and $27,500 for families. So for family benefits worth $30,000, the tax would apply to the $2,500 that’s above the limit.”
The luxurious Cadillac car, designed for society’s affluent few, will soon find its counterpart in the form of a health care tax. Unfortunately, many expect that this tax’s impact will be felt far deeper than the upper crust of American society. Rather, this tax is expected to reach deep into the pockets of many Americans as the government seeks to generate sufficient funds to make its mammoth health care program a viable one.
