On Friday the Weekly Standard posted an article about the impact of Obamacare on the Tax Code. The article quotes a Treasury Department that describes Obamacare as “represents the largest set of tax law changes in more than 20 years and affects millions of taxpayers.” The report further states that Obamacare’s “new taxes, fees, and penalties account for approximately $438 billion.”
That is a conservative estimate.
The article reports:
…that $438 billion in new taxes, fees, and penalties on Americans and American businesses is just the tally through 2019 — at which point Obamacare would really have been in effect for only six years (2014-19), not the ten years that are the norm for government scoring. On an annual basis, Obamacare’s taxes, fees, and penalties (according to that same official estimate) would increase from $48 billion in 2014 to $88 billion in 2019, rising between 9 and 26 percent per year (depending upon the year) — with no end in sight.
The article points out that the only job creation due to Obamacare is in the IRS.
I would like to remind everyone at this point that Obamacare was passed without one single Republican vote. The Republicans were given no input into the bill at all. Had the Obamacare bill included such things as tort reform and portability of insurance across state lines, we might not be anxiously awaiting the Supreme Court’s ruling on the current monstrosity.