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:
|
Tax Hike Provisions |
Tax Hike |
|
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 |
$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 |
|
Exchange Premium Tax Credits |
($222 billion) |
|
Small Employer Tax Credits |
($20 billion) |
|
Obamacare Total Net Tax Increase 2013-2022 |
$1 trillion |