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CBO/JCT CONFIRM THAT OBAMACARE IS A $1 TRILLION TAX HIKE
Democrats’ Health Law Contains 21 Tax Increases, Including 12 on the Middle Class
Wednesday, July 25, 2012
New estimates by the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) confirm what America already knows – that the Democrats’ health law is a trillion-dollar tax hike that families and employers simply cannot afford. The recent Supreme Court ruling left in place 21 tax increases enacted as part of that law, a dozen of which – marked with an asterisk (*) below – target Americans earning less than $200,000 per year for singles and $250,000 per year for married couples, in clear violation of the President’s pledge to avoid tax hikes on low- and middle-income taxpayers. According to the new CBO and JCT estimates, the gross tax increases in the law now total $1.058 trillion over 2013-2022. That new amount is nearly twice the “advertised” ten-year tax hike amount claimed when Democrats originally pushed the law through Congress just two years ago.
1 Includes CBO’s $216.0 billion estimate for “Associated Effects of Coverage Provisions on Tax Revenues” and $6.0 billion within CBO’s “Other Revenue Provisions” category that is not otherwise accounted for in the CBO or JCT estimates.
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