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ObamaCare: Trillion Dollar Tax Hike that Hurts Small Businesses
New JCT Report Underscores the Complexities Small Business Will Face When Complying with ObamaCare
Tomorrow, the Ways and Means Subcommittee on Oversight will examine the tax provisions contained in ObamaCare. Estimates by the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) confirm that the Democrats’ health law is a trillion-dollar tax hike that families and employers simply cannot afford. Additionally, the Administration’s own documents state that the compliance burden of the new tax rules it has thus far written pursuant to ObamaCare will add over 40 million hours of paperwork per year to individuals and job creators.
Small businesses have long cited ObamaCare as a major obstacle to job creation. Hearing witness Shelly Sun, co-founder and CEO of Brightstar Franchising, will note that “The Affordable Care Act is anything but affordable. It adds taxes, costs, and fees, while threatening the economic viability and job creation opportunities for many of our nation’s small businesses.”
The JCT today released “Present Law and Background Relating to the Tax-Related Provisions in the Affordable Care Act,” which contains 100 pages of details on the law’s new taxes. The chart below illustrates the 21 tax increases contained within ObamaCare, 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.
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.
Ways and Means Republican Press Office