Most Tax Hikes were Permanent, Most Tax Cuts were Temporary
Seven Dollars of Permanent Tax Hikes for Every Dollar of Permanent Tax Cuts
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1. S-CHIP (H.R. 2) -No tax relief S-CHIP Subtotal: $0
2. “Stimulus” (H.R. 1) -Making Work Pay: $79 billion -Education Tax Cuts: $10 billion -First Time Homebuyer: $4.7 billion -Unemployment Exclusion $4.7 billion -Car Sales Tax Deduction $1.7 billion -AMT Patch $69.8 billion -Energy Tax Cuts $20 billion -Business Tax Cuts $6.2 billion -Manufacturing Bonds $1.9 billion -Shovel Ready $19.6 billion “Stimulus” Subtotal: $217.6 billion
(fyi: total “Stimulus” spending: $581 billion:
3. Obamacare (H.R. 3590/H.R. 4872)
-Exchange Credit: $107 billion Obamacare Subtotal: $144 billion
4. Small Business (H.R. 5297) -Small business expensing: $7.6 billion -Small business tax simplification: $2.4 billion -Other small business tax cuts: $2 billion Small Business Subtotal: $12 billion |
1. S-CHIP (H.R. 2) -Tobacco tax hike: $65.5 billion S-CHIP Tax Hike Subtotal: $65.5 billion
2. “Stimulus” (H.R. 1) -No tax hikes “Stimulus” Tax Hike Subtotal: $0
3. Obamacare (H.R. 3590/H.R. 4872)
-Cadillac Plan Excise Tax: $32 billion -Interactive Effects: $46 billion -HSA/FSA Taxes: $19.4 billion -Reinsurance/Risk Adj: $106 billion -Small Biz Paperwork Tax: $17.1 billion -Medical Itemized Ded. Tax: $15.2 billion
-Medicare/Investment Tax: $210.2 billion -Excise Taxes and Fees: $112.6 billion -Economic Substance/Misc. $26 billion Obamacare Tax Hike Subtotal: $652.2 billion
4. Small Business (H.R. 5297) -Homeowner Paperwork Tax: $2.5 billion
-“Tax Gap”: $5.5 billion Small Business Tax Hike Subtotal: $8 billion
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Total Gross Tax Cuts: $373.6 billion (only $107.6 of this amount is permanent) |
Total Gross Tax Hikes: $725.7 billion (the full amount – $725.7 billion, is permanent) |
TOTAL NET TAX HIKES THIS CONGRESS: $352 Billion
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