Following Governor Romney's announcement that Rep. Paul Ryan would be his running mate, President Obama has been on the offensive, attacking Gov. Romney and Rep. Ryan on healthcare. The Obama White House has gone so far as to outline 5 Important Numbers on Health Reform on its website. The 5 numbers referenced by President Obama are misleading and ignore the 5 numbers which truly characterize the Obama Administration:
$500 Billion in Tax Increases
- The impending tax hikes in December are a $500 billion tax hike in 2013 alone.
- $62 Billion in New Regulations
- America is experiencing the longest period of unemployment above 8% since the Great Depression under President Obama.
11 Hours - The Buffet Rule
- Gov. Romney's statement that the revenue raised by the Buffet Rule would "pay for 11 hours of government."
- The fiscal year 2013 federal budget is projected to have $3.803 trillion in outlays. So, dividing $5 billion into that figure, you end up with the Buffet Rule covering 0.131% of the budget.
- There are 8,760 hours in a year, that works out to just over 11 hours.
- 7 Tax Hikes on under $250,000-A-Year-Earners:
|Obamacare Tax Hike||Effective Start Date|
|1. The Indoor Tanning Services Tax||July 1, 2010|
|2. Health Savings Account Withdrawal Penalty||Jan. 1, 2011|
|3. The Over-The-Counter Drugs Trap||Jan. 1, 2011|
|4. The Medical Itemized Deduction Hurdle||Jan. 1, 2013|
|5. The Healthcare Flexible Spending Account Cap||Jan. 1, 2013|
|6. The Individual Mandate Excise Tax||Jan. 1, 2014|
|7. The Cadillac Health Insurance Plan Tax||Jan. 1, 2018|
Ebeling, Ashlea, Forbes Staff - "Obamacare's 7 Tax Hikes On Under $250,000-A-Year Earners".