In the period 2013-2022 Obamacare taxes (18 of them) are going to shake down taxpayers for almost a trillion dollars
You know, every time you hear about the necessary and much-promised Obamacare subsidies, that someone must be forced to pay a boatload of money to pay for them. Of course, in terms of debt, I wouldn’t be surprised if much of it is going to our children on the supposition that they will pay for it in taxes (wrong: they will pay for it by going through a devastating financial collapse, during which, you’d better hope they decide to treat the much more numerous elderly with some decency and mercy). But much of it involves gouging the taxpayer.
The Daily Signal recently confirmed this truth: “Obamacare’s $800 Billion Tax Hike Explained in One Chart.”
Obamacare contains 18 separate tax increases. A few of the biggest include a tax on “Cadillac” health insurance plans, which doesn’t take effect until 2018, long after President Obama and many in Congress who voted for the tax in 2010 have departed Washington. Also, there is a tax on health insurance premiums and a higher rate on the Hospital Insurance payroll tax for single filers with incomes above $200,000 ($250,000 for married filers) that also applies to investment income.
At a time when the already-onerous tax code has created a significant drag on the economy, Obamacare’s tax hikes only do more damage. Many Americans have found themselves afflicted by higher health insurance premiums, driven up, in part, by new taxes on insurers. Increased rates on capital gains and dividends from the wage and investment tax hike discourage saving and investment, resulting in fewer jobs created and lower wage growth.
You will remember those taxes on insurance companies. Those were the ones Jonathan Gruber bragged about—getting the “stupid” American voters to applaud a tax increase on themselves by pretending that the insurance companies were the target. Anyone who didn’t realize a tax on insurance companies was a tax on the people paying for insurance was indeed stupid.
Because of Obamacare, Americans are paying much higher taxes and those taxes are hurting the economy. Though some bipartisan efforts exist to repeal some of the new taxes that benefit special-interest groups, including the medical device tax, an incomplete approach won’t be sufficient to overcome the detrimental effects of this law.
This is, no doubt, a major contributor to the continually “surprising” bad economic news. We are being taxed into more recession.