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It's Official: Obamacare Is a $1 Trillion Net Tax Hike
| Ryan Ellis
Posted on 07/26/2012 7:12:24 AM PDT by 92nina
The Congressional Budget Office (CBO) today came out with new scores for Obamacare. The big statistic that caught our eye was that Obamacare is now officially a $1 trillion net tax increase.
The reason this number is bigger than in the past is because the gimmicks of that law are now running out. Tax hikes were scheduled to start several years after the passage of the bill, creating many "zero" years on a ten-year score. Well, it;'s been several years, so the window dressing chickens are coming home to roost.
In Table 2 of CBO's analysis of repealing Obamacare, they clearly point out how Obamacare is a net tax increase of $1 trillion (to the penny). If one were to remove the rest of the "zero" years, the net number would be more like $1.1 trillion.
ATR has consistently cataloged all 20 new or higher taxes in the President's healthcare law. Now CBO confirms what we have suspected all along--this is one of the largest tax hikes in U.S. history. When fully phased-in, it should permanently raise net taxes by about two-thirds of a percent of GDP.
Read more: http://atr.org/official-obamacare-trillion-net-tax-hike-a7066#ixzz21jnoVAED
TOPICS: Government; Health/Medicine; Politics; Reference
KEYWORDS: congress; democrats; obama; taxes
CBO's new score of Obamacare shows that it is a net tax hike of $1 trillion over the next decade.
posted on 07/26/2012 7:12:39 AM PDT
We should have believed Nancy Pelosi when she said we don’t know WHAT is in the LAW until it is passed.
Given the CBO’s track record that number is extremely low.
Look up the CBOs numbers when Medicare first hit. Off the charts wrong on that one.
Medicare (entire program). In 1967, the House Ways and Means Committee predicted that the new Medicare program, launched the previous year, would cost about $12 billion in 1990. Actual Medicare spending in 1990 was $110 billionoff by nearly a factor of 10.
Medicare home care benefit. When Congress debated changes to Medicares home care benefit in 1988, the projected 1993 cost of the benefit was $4 billion. The actual 1993 cost was more than twice that amount, $10 billion.http://blog.heritage.org/2009/08/04/health-care-reform-cost-estimates-what-is-the-track-record/
WE can expect Obamacare to run about 2-5 trillion dollars.
Given the complexity of the bill even this estimate is too low.
BOTTOM LINE CBO NUMBERS ARE A JOKE.
posted on 07/26/2012 7:50:37 AM PDT
(Buck v. Bell (1927) An idea whose time has come (for extreme liberalism))
posted on 07/26/2012 8:06:32 AM PDT
CBO’s new score of Obamacare shows that it is a net tax hike of $1 trillion over the next decade.
Republicans should be passing tax increase repeal bills already.
posted on 07/26/2012 10:51:40 PM PDT
(REPEAL AND REPLACE OBAMA. He stole Americas promise!)
ATR has consistently cataloged all 20 new or higher taxes in the President’s healthcare law.
$1 trillion tax hike. Obama doesn’t give a damn. When he loses in November he’ll head back to Kenya and become community organizer for the Muslim Brotherhood.
posted on 07/26/2012 11:10:35 PM PDT
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