The Heritage Foundation is reporting that the Supreme Court's ruling upholding the Patient Protection and Affordable Care Act (PPACA) means everyone who refuses to buy health insurance will have to pay a special tax. This will succeed in raising $500 billion in 10 years, but 75 percent of that money will come from people making less than $120,000 a year.
The Heritage Foundation’s Alyene Senger explains: "The individual mandate is far from alone on Heritage’s lengthy list of Obamacare’s new taxes and penalties, many of which will heavily impact the middle class," writes The Heritage Foundation's Alyene Senger.
Quoting a senior economist for The Wall Street Journal, "75 percent of Obamacare’s new taxes will be paid for by American families making under $120,000 a year. Among the taxes that will hit the middle class are the individual mandate, a 2.3 percent excise tax on medical devices, a 10 percent excise tax on indoor tanning, and an increase of the floor on medical deductions from 7.5 percent of adjusted gross income to 10 percent."
As a result of these increases, experts say the PPACA will slow economic growth, reduce employment, and suppress wages.
"These economy-slowing policies could not come at a worse time," writes The Heritage Foundation's Curtis Dubay. "PPACA tax increases will impede an already staggering recovery."
But what ObamaCare will do is add jobs to an already bloated government. An estimated 16,500 new IRS jobs will have to be created to collect all the taxes that will be imposed if the president's health care reform law is allowed to stand.
Meanwhile, experts are warning Americans not to be fooled by the "class warfare" rhetoric that makes it appear as if lower wage earners are going to be spared higher taxes through an extension of the Bush tax cuts.
Americans for Prosperity president Tim Phillips called Obama’s concession to extending some Bush tax cuts “belated” and “a politically motivated ruse of the kind this President has practiced for many months. The President should explain why he’s raising taxes on millions of middle class Americans with his health care law… it is ironic that after blaming his own economic failures on the Bush administration for four years, now the President is trying to hide behind President Bush’s tax cuts in order to save himself politically.”
Click here for a list of all the taxes that will be imposed through the ObamaCare mandate.
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