Obamacare: Taxing The American People Into Oblivion Steve Watson and Paul Watson www.prisonplanet.com Tuesday, March 23rd, 2010 HR 3590, The Patient Protection and Affordable Care Act, to give it its full title, is rammed full of tax increases which will further economically cripple Americans already laboring under the worst financial crisis since the great depression. The partnering Reconciliation Act, currently in the Senate, also contains a raft of pork barrel and tax hikes, there to fund the trillion dollar cost of nationalizing medicine. As reported by Bloomberg News today, analysis by the nonpartisan congressional Joint Committee on Taxation reveals that the bill will generate $409.2 billion in additional taxes by 2019. In addition, the Congressional Budget Office states that the bill also levies almost $69 billion more in penalties for those who fail to meet mandates to buy insurance. The Journal of Accountancy boils down some of the tax hikes and penalty fees in HR 3590 and the Reconciliation Act the highlights include Excise Tax on Uninsured Individuals Individuals who fail to maintain minimum essential coverage will be subject to a penalty equal to $750. The fee for an uninsured individual under age 18 is one-half of the adult fee. Excise Tax on High-Cost Employer Plans The federal government would impose a 40% tax on the value of employer-sponsored health coverage exceeding certain thresholds. Those levels are projected to be $8500 for self only and $23000 for …