And So I Go: Yesterday, Today and Tomorrow

18 new taxes slipped into Obamacare bill

Posted on: April 16, 2010

I can not fathom how the Democrats and President Obama can continue to tell the American people that Obamacare will not raise taxes when they know surely that there are 18 new taxes in the bill.

Overall, there are 18 new taxes slipped into this bill, raising $503 billion over a ten-year period to cement Democrats’ dubious claim of budget neutrality. Chief among these taxes are:

  • A 40 percent excise tax on health insurance plans
  • An increase in the Hospital Insurance (HI) portion of the payroll tax
  • Payroll taxes on investment
  • Mandates on individuals an businesses to purchase health insurance, enforced with penalties in the event of non-compliance

In another move that smacks of politics as usual, Democrats have made sure these taxes and fees are not implemented until after their re-election campaigns. Almost all of these provisions take effect after the 2010 midterm elections, and the vast majority will not occur until after the 2012 presidential campaign, insulating President Obama and Congressional Democrats from the resulting political pressure. The greatest increase occurs in 2013, when Obamacare tax revenues triple from $12 billion to $36 billion, ultimately increasing to $102 billion per year in 2019. See a fuller list below:

1 Response to "18 new taxes slipped into Obamacare bill"

I’ve linked to this.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

See topic cloud at bottom of page for specific topics.

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 97 other followers

BB’s file cabinet

%d bloggers like this: