Tax Prof: ObamaCare Tax Increases Are Double Original Estimate

I bet this wakes a few of our fellow travelers up …

The Joint Committee on Taxation recently released a 96 page report on the tax provisions associated with Affordable Care Act. The report describes the 21 tax increases included in Obamacare, totaling $1.058 trillion – a steep increase from initial assessment, according to the Tax Prof Blog. The summer 2012 estimate is nearly twice the $569 billion estimate produced at the time of the passage of the law in March 2010.

Table below …

 

 

ObamaCare’s Hidden Taxes

Not only did the President and his partners in Congress take $716 billion out of Medicare to pay for Obamacare, but they also raise taxes by $836.3 billion to pay for it, with $36.3 billion hitting Americans in 2013 alone. Here’s the Congressional Budget Office (CBO) and Joint Committee on Taxation‘s (JCT) updated cost of the Obamacare tax hikes and penalties.

No increase in taxes, one bug Obama lie. Bend the cost curve down, up up and away, another flat out lie … Flowery teleprompter reading hides the facts.

Our Communist Kardashian Preezy Squeaks

Comes out of his Choom wagon, and talks to the peasants. Teleprompter on, check. So no stuttering, check.

Barack Obama held a press conference today to announce that he was going to raise taxes on top American producers.

He told the press, “I’m not proposing anything radical here.” Obama’s tax hikes will affect 940,000 American households.

Obviously he is hoping people don’t know that what he is really saying is if you work for a small business, your boss will pay. And he thinks that is good for you, because your taxes will be lowered. He did not say who would get laid off when your bosses taxes go up. That’s the millionaires in the Choom man’s eyes.

He does not explain how that is supposed to make you feel, as one of his foot soldiers in his class war. He obviously thinks this is supposed to make you happy. Remember in his Animal Farm view, that’s good,

Bloomberg reported:nimalPresident Barack Obama’s plan to raise tax rates for the top 2 percent of U.S. households would mean higher taxes on the people who report 53 percent of business income reported on individual returns, according to the Joint Committee on Taxation.

The nonpartisan analysts prepared the data at the request of Republicans on the Senate Finance Committee. Orrin Hatch of Utah, the panel’s top Republican, said the document was “irrefutable proof” that tax rates shouldn’t go up.

“With our economy as weak as it is, it makes absolutely no sense to hit more and more small businesses with a tax hike,” he said in a statement.

The analysis doesn’t include data on the size of the businesses owned by top earners or estimates of how they would respond to higher tax rates. It doesn’t consider the corporate income tax or taxpayers subject to the alternative minimum tax.

If Congress doesn’t act, tax rates for income, capital gains, dividends and estates will increase in 2013. Obama wants to let existing tax cuts expire for married couples making more than $250,000 a year and individuals making more than $200,000.

According to JCT, next year 940,000 households within the top 2 percent will report net positive business income and will face marginal tax rates that would be 36 percent or 39.6 percent under Obama’s plan, up from 33 percent and 35 percent now. That represents 3.5 percent of taxpayers who have business income and 53 percent of net positive business income, the analysis said.

This follows the news that nearly 75% of Obamacare costs will fall on the backs of those Americans making less than $120,000 a year.