Get ready to be blindsided by a barrage of new taxes. $569 billion worth...
They'll be coming courtesy of the Affordable Care Act, otherwise known as Obamacare.
And they won't just be affecting those who make over $250,000 as you'll soon see. The bulk of these taxes will be passed on directly to the middle class.
That's because while a majority of these "stealth taxes" were designed to be taxes on businesses, they're actually be transferred directly to ordinary citizens.
They include an investment income surtax, a medicate payroll tax, even a "tanning tax" on those who utilize indoor tanning services.
"Many of those [hidden] taxes, especially those on hospitals, insurers and medical device manufacturers, will ultimately be passed on through higher health costs," said Michael Tanner an expert on the healthcare law.
Editor's note: How much extra will you have to pay? See the complete list of new Obamacare taxes [ppopup id="74512"]here[/ppopup].
Of course, the Obamacare plan was primarily designed to decrease the number of uninsured Americans and reduce healthcare costs.
Many experts are saying it will have the opposite exact opposite effect.
That's why Republicans hope to strike down Obamacare should they nab a presidential victory in November.
They claim that the taxes needed to pay for Obamacare will crush the middle class and most U.S. taxpayers, as well as trigger job losses in affected industries.
According to the Congressional Budget Office, 76% of those who stand to be slapped with the penalty (the Supreme Court calls it a tax) for not carrying insurance are those earning less than $120,000. The penalty for the average American family is $4,700 a year in new taxes.
Other new Obamacare taxes will hit drug companies (totaling $27 billion), and medical device makers ($20 billion), as well as enforce new reporting requirements and regulations on physicians.
But these stipulations could make access to health care and services more costly and difficult for seniors.
About six million people nationwide will most likely lose their Medicaid eligibility because their states will not join the Medicaid expansion.
Roughly half would be able to obtain private insurance, leaving the other half without coverage, the CBO reports.
Tax experts say you should try to estimate how much you will have to pay when the new taxes go into effect - and take precautions to limit the effects on your bottom line.