More New Taxes and Fees: How You’ll Pay for Obamacare in 2014

Obamacare contains 18 specific tax hikes, mandates, or penalties that cost Americans money, and three new ones take effect in 2014. This is only the beginning—watch how two of these taxes get worse in the years to come.

1. Individual Mandate Tax. The individual mandate is designed to strong-arm individuals into purchasing government-approved health insurance or facing a tax penalty. In 2014, the penalty for not purchasing insurance will be either $95 or 1 percent of annual income (whichever is greater). Very few, if any, people will end up paying just $95, because individuals with an annual income of only $9,500 or less would likely qualify for Medicaid or a hardship exemption from the mandate. The mandate increases drastically in coming years, rising to $325 or 2 percent of income in 2015, and $695 or 2.5 percent of income…