Whose Ox Is Being Gored- Obama Admits Insurance Premiums Increase and Yes Insurers Are Leaving and Hillary Wants It Continued...
Today Obama admits insurance premiums will increase...a far cry from his promotion days yet we hear Candidate Clinton vowing to do same--no increase in debt.
Where did we go wrong...could it be as we now see in wikileaks we were manipulated and yes the media did not help. Thanks for the work of James OKeefe...will you hold your servants accountable? Or just open the door for another tyrant?
Here's some warnings back in 2012:
Obamacare (The Patient Protection and Affordable Care Act or PPACA) imposes numerous tax hikes that transfer more than $500 billion over 10 years from hard-working American families and businesses to Congress.
Obamacare contains 18 separate tax increases that will cost taxpayers $502 billion between 2010 and 2019. The 18 Obamacare tax increases are as follows:
[The revenue raised during the 2010-2019 period is in brackets.]
1. Increase Medicare Hospital Insurance payroll tax from 2.9 % to 3.8 % for couples earning more than $250,000 a year ($200,000 for single filers). [$210 billion]
2. Apply 3.8 % Hospital Insurance tax to investment income for couples earning more than $250,000 ($200,000 for single). [Amount included under #1]
3. Impose mandate to buy health insurance (individuals and employers). [$65 billion]
4. Impose an annual fee on health insurance providers. [$60 billion]
5. Apply a 40 % excise tax on "Cadillac" health insurance plans. [$32 billion]
6. Impose an annual fee on branded drugs. [$27 billion]
7. Exclude unprocessed fuels from cellulosic biofuel producer credit. [$24 billion]
8. Impose 2.3 % excise tax on certain medical devices. [$20 billion]
9. Increase corporate taxes through stricter enforcement on business activities. [$17 billion]
10. Raise the floor on medical expense deduction from 7.5 % to 10.0 %. [$15 billion]
11. Limit Flexible Spending Accounts (FSAs) to $2,500. [$13 billion]
12. Reduce number of medical products purchased from FSAs and Health Savings Accounts (HSAs). [$5 billion]
13. Eliminate corporate deduction for prescription expenses for retirees. [$4.5 billion]
14. Increase corporate taxes through changes in tax liability. [$4.5 billion]
15. Impose 10 % excise tax on indoor tanning services. [$2.7 billion]
16. Increase penalty to 20 % for purchasing disallowed products with HSAs. [$1.4 billion]
17. Increase taxes on health insurance companies. [$0.6 billion]
18. Repeal special deduction for Blue Cross / Blue Shield organizations. [$0.4 billion]
Total Revenue Raised = $502 billion
From the above list, you can see that five major tax hikes make up almost 75 % of the new revenue raised by Obamacare. The tax increases for Medicare Hospital Insurance (on payroll taxes and investment income) will raise $210 billion. The mandate to buy health insurance will raise $65 billion; the annual fee on health insurance providers will raise $60 billion; and the excise tax on "Cadillac" health insurance plans will raise $32 billion. Together, these five taxes will raise $367 billion (73 % of the $502 billion total).
Government bureaucrats use the term "revenue raised" but we know that "ObamaTax" is imposing huge tax increases on hard-working American families and businesses.
Obamacare Taxes Will Increase Dramatically in Future
When Obamacare first passed, the Joint Committee on Taxation estimated that its tax hikes would total $502 billion over the next 10 years. However, most of the new, higher taxes do not kick in until later in the decade, which means that once all of the law is fully implemented, the taxpayers’ tab will be much bigger than originally estimated.
A 4.18.12 Heritage Foundation article provides a more accurate cost for Obamacare.
A new study by the Joint Economic Committee (JEC) revealed today that Obamacare will impose higher taxes totaling $4 trillion between now and 2035, with substantial hits on working Americans. That works out to more than $1.7 trillion over a decade--more than triple the original 10-year score.