Joint Economic Committee: Obamacare to Boost Taxes $4 Trillion by 2035

Tuesday, 17 Apr 2012 04:05 PM

By Dan Weil

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Republicans on the Joint Economic Committee have released a report showing that the 2010 healthcare law would increase taxes by $4 trillion by 2035. The report extrapolates from Congressional Budget Office (CBO) research that shows Obamacare will boost taxes $800 billion by 2025.

“There are many reasons Americans dislike Obamacare,” the report says. It cites rising costs, including a $51 billion increase that the CBO recently revealed for just the past year, and a requirement for employers' insurers, even religious institutions, to pay for employees’ abortion-inducing drugs, sterilization, and contraception.

Tens of millions of employees will soon wonder what happened to President Barack Obama’s promise that, “if you like your insurance, you can keep it,” the report says.

“With the April 15th tax deadline just past and individuals and businesses freshly reminded of the $2.3 trillion they paid in federal taxes in 2011, Obamacare will unload an additional $4 trillion in new taxes onto the economy between now and 2035.”

The tax impact of Obamacare won’t be so bad this year — $15 billion, the report states. “But come 2035, that burden will be magnified more than 20-fold to $320 billion.”


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