Obamacare’s $800 Billion Tax Hike Explained in One Chart

By Rachel Alexander Published on April 6, 2015

Many of you are noticing as you’re doing your income taxes this year that deductions and credits have become a lot stingier. Are you part of the middle class and used to claim the child tax credit? No longer for many of us under Obama. That credit has massively shrunk. That’s just the tip of the iceberg. Taxes everywhere are increasing. This Daily Signal graph displays all the taxes that will increase just due to Obamacare. The accompanying article explains:

The law is more than a fundamental change to the country’s healthcare system. It also is a massive tax hike. As The Heritage Foundation’s Federal Budget in Pictures shows, according to the most recent scores, Obamacare will increase taxes by nearly $800 billion for the period of 2013-2022.

Obamacare contains 18 separate tax increases. A few of the biggest include a tax on “Cadillac” health insurance plans, which doesn’t take effect until 2018, long after President Obama and many in Congress who voted for the tax in 2010 have departed Washington. Also, there is a tax on health insurance premiums and a higher rate on the Hospital Insurance payroll tax for single filers with incomes above $200,000 ($250,000 for married filers) that also applies to investment income.

Read the article at The Daily Signal.

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