Wintery Knight

…integrating Christian faith and knowledge in the public square

75% of the costs of Obamacare will be paid by those making $120,000 or less

The video shows the chief economist of the Wall Street Journal, Stephen Moore, making the claim that nearly 75% of Obamacare costs will fall on the backs of those Americans making less than $120,000 a year. (H/T Gateway Pundit)

The Heritage Foundation explains more, using the official numbers from the Congressional Budget Office. (H/T Bad Blue)

Excerpt:

President Obama repeatedly promised not to raise taxes on middle-class families. Yesterday, the Supreme Court ruled that he already has.

Chief Justice John Roberts upheld the President’s health care law on the grounds that the “individual mandate” is a constitutionally permissible tax increase. This violates Obama’s pledge. Middle-class families will pay the vast majority of these new taxes.

Obamacare imposes a penalty—or tax increase—on Americans who do not purchase health insurance. The Congressional Budget Office estimates that most of those paying these taxes are middle-class individuals and families making less than 500 percent of the federal poverty level: $59,000 for an individual and $120,000 for a family of four. Three million lower-income and middle-class Americans will pay an estimated $2 billion in these “mandate taxes.”

The Supreme Court’s interpretation puts the President in a peculiar situation. In 2008, he promised not to raise taxes on the middle class and accused Republican nominee John McCain of wanting to tax health benefits: “And I can make a firm pledge: under my plan, no family making less than $250,000 will see their taxes increase…not any of your taxes. My opponent can’t make that pledge.… [H]e wants to tax your health benefits.” Who could have predicted that Obama would raise taxes on millions of Americans who do not have health insurance?

Obama grossly mischaracterized his health care plan, and now American citizens will pay the price. He has both attacked individual freedom and burdened millions in the middle class.

I thought that Obama said that he would raise taxes on the middle class? For a full list of the taxes in Obamacare, click here.

Filed under: News, , , , , , , ,

6 Responses

  1. SLIMJIM says:

    Do you know if CBO released their statistics before Obamacare was voted?

    • Yes, but then they revised their estimates:

      http://www.foxnews.com/politics/2012/03/14/cbo-health-law-estimate-shows-much-higher-spending-beyond-first-10-years/

      Quote:

      The Congressional Budget Office has extended its cost estimates for President Obama’s health care law out to 2022, taking in more years of full implementation, and showing that the bill is substantially more expensive — twice as much as the original $900 billion price tag.

      In a largely overlooked segment of the CBO’s update to the budget outlook released Tuesday, the independent arm of Congress found that the bill will cost $1.76 trillion between now and 2022.

      That only counts the cost of coverage, not implementation costs and other changes.

      “The bill spends more than the president promised, it covers fewer people — probably 2 million fewer people — and it taxes more than was expected,” said Sen. Jeff Sessions, R-Ala., ranking member on the Senate Budget Committee.

      The first estimates of the cost of the health care bill included three years before the bill even took effect, so there was little or no spending, making the full 10 years look less expensive. Sessions notes that the $1.76 trillion estimate includes only the costs of coverage, not implementation and other costs. He argues that all those drive the price up even further over the first full 10 years of the law.

      “The full accounting of the bill is $2.6 trillion. That’s a fair and accurate analysis of what the bill would cost, according to CBO,” Sessions said, noting how the cost dwarfs the fight over the 10-year debt reduction plan debated last year.

      “We spent a whole summer fighting over a way to reduce spending by $2.1 trillion and here this bill is going add $2.6 trillion more in spending.”

  2. PAUL says:

    How is the IRS going to collect this TAX from those who do not purchase insurance when these same people are the ones who do not file a Tax form because they are not subject to witholding because of their low incomes. Add it to FICA? What about Low Income self employed?

  3. When all those who voted for Obama come out of their trance….and realize they will be paying the piper….when they thought Obama was their “Santa!’…..IT IS GOING TO BE INTERESTING!

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