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Obamacare = $1 Trillion In New Taxes

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CBO: Obamacare levies $1 trillion in new taxes

President Obama’s health care law raises taxes by $1 trillion, according to a new report from the Congressional Budget Office.

The individual mandate — which the CBO calls a “penalty tax,” in apparent deference to Chief Justice John Roberts — will produce $55 billion in “penalty payments by uninsured individuals,” the CBO told House Speaker John Boehner, R-Ohio, in a Tuesday letter. Of course, the framers of the law didn’t design the mandate as a tax, and so it produces less revenue than any other provision in the bill.

The “additional hospital insurance tax” is the largest tax increase in Obamacare, projected to bring in $318 billion in new revenues. According to the 2010 report from the Journal of Accountancy, this tax hits “high-income tax payers” — individuals making over $125,000 a year or households making over $250,000 a year.

Post Continues on washingtonexaminer.com


 

 

http://bighealthreport.com/4157/cbo-obamacare-levies-1-trillion-in-new-taxes/

Entry #263

Comments

1.
rdgrnrComment by rdgrnr - July 30, 2012, 5:41 pm
"If you make under $200,000, your taxes will not go up one dime."
~Barack Obama
Yeah, right.

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