Americans who feel overtaxed already are in store for a shocker: Obamacare will add 17 new taxes or penalties for a whopping cost of $502 billion over its first 10 years.
This week’s chart illustrates the new taxes and offers a year-by-year rundown of their annual costs. These taxes will pay for generous subsidies, an expansion of Medicare and new government spending.
A notable jump in Obamacare taxes comes in 2013, a result of Medicare Hospital Insurance tax and an increase in taxes on investment income for high-income earners.
“If you and your spouse earn more than $250,000 a year (or you alone earn $200,000 or more), your Medicare payroll tax will increase from 2.9 to 3.8 percent. This new tax will raise $210 billion for Obamacare,” the authors of “Why Obamacare is Wrong for America” wrote.
Then in 2014, a new tax is introduced for health insurance premiums. That year also marks the start of the individual and employer mandate penalties, which are projected to generate about $120 billion in revenue.
The last notable tax arrives in 2018: an excise tax on “Cadillac” employer health plans. It is expected to produce $32 billion in revenue to pay for Obamacare.
These tax increases will have negative economic effects because they transfer resources from the private sector to government, according to Heritage’s Curtis Dubay, who documented each tax and its cost.
“As a result, the tax hikes in [the Patient Protection and Affordable Care Act] will slow economic growth, reduce employment, and suppress wages. These economy-slowing policies could not come at a worse time. PPACA tax increases will impede an already staggering recovery,” Dubay wrote in an analysis of the Obamacare taxes.
View more charts and graphs about Obamacare’s far-reaching negative effects on Americans in our newly released “Obamacare in Pictures: Visualizing the Effects of the Patient Protection and Affordable Care Act.”
Something seems wrong with the chart. 2019 is labelled to be just above $100 million. So how does all those millions add up to $502 billion?
The scale is probably actually based in thousands of dollars since government can't seem to do anything on a singular dollar level when it comes to accounting but rather some multiple of 10 well above that. Therefore $1000 base units x "$100 million" level = $100 billion in actual dollars. Given stuff like this, it's no wonder some politicians can't keep "millions", "billions", and "trillions" straight.
Its cumulative, add the billions from each year.
Hey I think the y-axis of your graph should be in BILLIONS, NOT MILLIONS.
more than that
Some much needed taxes to make healthcare accessible to all human beings, and reduce waist and frivolous care in preference to providing essential health care to all human beings. Come on people, this is the 21st century! Why are we so selfish? We can do this!
Please stop the "collective, socialist mentality" If people want health care then get a job, and pay for it yourself. Mandating that I pay for your healthcare or anyone elses is unconstitutional and stealing from me what I have worked to save and support my family. If you want 21st century socialist healthcare please move to Canda, Europe, or Cuba. Your "Accesibility" is just annother word for "Free," which nothing is these days..
You already pay for other peoples healthcare, certainly you are aware of this?
Unbelieveable response and uneducated as well. All governments contain at least some so called "socialist" aspects to protect it's people. Under current insurance lobby mandated contitions a man who has a new job and new insurance can be denied insurance for a sick child because the child had that illness prior to enrollement or "pre-exiting condition". Thousands of AMERICANS are denied healthcare by greedy insurance companies( i don't suppose an insurance company has ever dropped you). This condition ends with OBAMACARE Thank God. Not to mention the millions of Americans during this recession that cannot GET A JOB. How callous can you be!
Seriously do you have CLUE as to how insurance works? What you are equating is like asking for FIRE insurance on my house after it's burned to the ground, Does your car insurance PAY for oil changes and maintenance? Well why expect health care insurance ( which was traditionally a catastrophic event insurance) to pay for your routine health care?
What we need is REFORM whereby your medical insurance isn't tied to your JOB but is an entity that you purchase in an OPEN ( re: policy contents NOT mandated by the government) market. The ENTIRE concept of employer "supplied" health insurance is a side-effect of federal wage&price controls from FDR's administration.
IF we had the freedom to purchase "health" insurnace like we do automobile or home insurance you would see cost reductions like you see in Lasik and cosmedic surgery ( neither of which is covered by "insurance" btw)
Do you pay Medicare tax? Aren't you already paying for someone else's healthcare? As for myself, I would gladly pay another 1.45% medicare tax in order to keep Medicare funded. Multiply lil 'ole more x 50 million people…you have a LOT of money!!
Additionally, a LOT MORE more emphasis needs to be placed on stopping all the Medicare fraud !
Everyone has healthcare, it's the INSURANCE that people , in the recent past (think days) had the choice to purchase or not.
Some specifics on the "Affordable Health Care Act" aka "Obamacare". Now we can see how affordable it's going to be.
So, Obamas side is arguing that when a patient with no health insurance has to go to the ER and get care , that American taxpayers have to pick up the tab and pay for it. Well, what's the difference? If Obama is forcing everybody to pay for health insurance,then,American taxpayers ARE STILL paying for them to go to the ER!!!!
no they are paying for them to go to a simple doctors office which will cost less. People are going to ERs for minor colds……
I still say this isn't about health care issues, it's about power. Give this kind of control to government and there will be something else next in line. How much authority can our government gain and we still say we are a republic???
Back in 1993 the GOP was for the health care rebate, now they're against it. Imagine that.