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At least 3 million Americans are receiving special tax reform bonuses Thanks to the Tax Cuts and Jobs Act, at least 270 companies have already announced wage and salary increases, bonuses, or 401(k) match increases, according to a list compiled by Americans for Tax Reform. However, many Americans are shouldering the negative impacts of the health insurance tax, and relief should not be assigned on a case by case basis. Across the country, the health insurance tax hits 11 million households that purchase health care through the individual insurance market. Full List of Obama Tax Hikes. 1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year. Obamacare Employer Mandate Tax (takes effect Jan. 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. FedEx (Memphis, Tennessee) – commits more than $3.2 billion in wage increases, bonuses, pension funding due to the recent tax cuts. Pay raises, bonus increases, pension plan increases, and at least $1.5 billion in capital expenditures: Thanks to what has been dubbed as the ‘Netflix tax’ – a tax on online streaming services – some Americans are now seeing an increase in their monthly Netflix bill. To date, this new tax is levied in Chicago, North Carolina, Pennsylvania, Washington, and Florida. Next year, it is estimated that this number could increase to nearly half of the counties in the country. The health insurance tax is set to go into effect at the end of the year, and will total $14.3 billion in higher taxes in 2018. Clearly, this will contribute to the lack of coverage options. At least 3 million Americans are receiving special tax reform bonuses . Thanks to the Tax Cuts and Jobs Act, at least 270 companies have already announced wage and salary increases, bonuses, or 401(k) match increases, according to a list compiled by Americans for Tax Reform. The list, found at www.atr.org/list is being continuously updated. At least 3 million Americans are receiving special tax reform bonuses. This number does not even include those receiving pay increases or increased 401(k) contributions from their employer due to tax reform. Recent examples include: Mountaire Corporation (Millsboro, Delaware) – $1,000 or $500 bonuses based on length of service and increased 401(k) matches. The Congressional Budget Office recently estimated that six million American families will be liable for the tax, and as Americans for Tax Reform has pointed out, 100 percent of Americans filing a tax return (140 million filers) will be forced to submit paperwork to the IRS showing they had “qualifying” health insurance for every month of the tax year. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013): Medical device manufacturers 409,000 people in 12,000 plants across the country. This law imposes a new 2.3 percent excise tax on total sales, even if the respective company does not earn a profit. Query: how many americans are receiving bonuses or pay increases because of the recent tax cut
3 million Americans are receiving bonuses or pay increases because of the recent tax cut.