The Fiscal Cliff's Hidden $1 Trillion Tax Hike


Posted by John Kartch, Ryan Ellis on Thursday, December 6th, 2012, 1:36 PM PERMALINK


According to the Congressional Budget Office (CBO), Obamacare’s twenty new or higher taxes amount to a net $1 trillion over the next decade, 2013-2022.

These tax increases are already permanent law due to Obamacare.  They include the medical device tax, the surtax on investment income, the individual and employer mandate non-compliance penalty tax, the medical itemized deduction “haircut,” the hike in the Medicare payroll tax rate, and others. These tax increases total exactly $1 trillion over the next ten years:

2012 CBO Report on Revenue Effects of Obamacare

Tax Hike Provisions

Tax Hike
2013-2022

Tax Penalty Payments by Uninsured Individuals

$55 billion

Tax Penalty Payments by Employers

$106 billion

Excise Tax on High-Premium Insurance Plans

$111 billion

Associated Effects of Coverage Provisions
on Tax Revenues

$216 billion

Reinsurance and Risk Adjustment Collections

$184 billion

Fees on Manufacturers and Insurers

$165 billion

Additional Hospital Insurance Tax

$318 billion

Other Revenue Provisions

$87 billion

Tax Cut Provisions

 Tax Cut
2013-2022

Exchange Premium Tax Credits

($222 billion)

Small Employer Tax Credits

($20 billion)

Obamacare Total Net Tax Increase 2013-2022

$1 trillion

 
 

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