No, ‘Obamacare’ isn’t ‘the largest tax increase in the history of the world’

[Cigar]

Since the Supreme Court decision, Republicans have been calling (http://www.politico.com/blogs/burns-haberman/2012/06/limbaugh-blasts-biggest-tax-increase-in-the-history-127609.html) the Affordable Care Act “the largest tax increase in the history of the world.” Politifact rates this false (http://www.politifact.com/truth-o-meter/statements/2012/jun/28/rush-limbaugh/health-care-law-not-largest-tax-increase-us-histor/). Kevin Drum’s got a table (http://www.motherjones.com/kevin-drum/2012/07/no-obamacare-not-biggest-tax-increase-history) of the 15 significant tax increases since 1950, and the Affordable Care Act, which amounts to a tax increase of 0.49 percent of GDP, comes in 10th. Austin Frakt took Drum’s table and made a chart (http://theincidentaleconomist.com/wordpress/obamacare-is-the-biggest-tax-increase-in-history-if-you-ignore-history/):

http://i18.photobucket.com/albums/b137/chasc5/Obamacare-tax-chart.jpg

So no, the Affordable Care Act isn’t the “biggest tax hike in history.” It’s not even the biggest tax hike in the past 60 years. Or 50 years. Or 30 years. Or 20 years.
But it does include a number of tax hikes. The individual mandate, however, isn’t one of the big ones. It’s only expected to raise $27 billion during the next decade. The largest tax increase in the law is on high earners, who will see their Medicare payroll taxes increase by 0.9 percentage point and who will also pay a slightly higher rate on investment income. That raises more than $200 billion. There’s also the tax on unusually expensive health insurance plans, which raises $30 billion in the first decade, and much more in the second. There’s a $60 billion tax on insurance companies.

MORE... http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/07/02/no-obamacare-isnt-the-largest-tax-increase-in-the-history-of-the-world-in-one-chart/

[michaelr]

Since the Supreme Court decision, Republicans have been calling (http://www.politico.com/blogs/burns-haberman/2012/06/limbaugh-blasts-biggest-tax-increase-in-the-history-127609.html) the Affordable Care Act “the largest tax increase in the history of the world.” Politifact rates this false (http://www.politifact.com/truth-o-meter/statements/2012/jun/28/rush-limbaugh/health-care-law-not-largest-tax-increase-us-histor/). Kevin Drum’s got a table (http://www.motherjones.com/kevin-drum/2012/07/no-obamacare-not-biggest-tax-increase-history) of the 15 significant tax increases since 1950, and the Affordable Care Act, which amounts to a tax increase of 0.49 percent of GDP, comes in 10th. Austin Frakt took Drum’s table and made a chart (http://theincidentaleconomist.com/wordpress/obamacare-is-the-biggest-tax-increase-in-history-if-you-ignore-history/):

http://i18.photobucket.com/albums/b137/chasc5/Obamacare-tax-chart.jpg

So no, the Affordable Care Act isn’t the “biggest tax hike in history.” It’s not even the biggest tax hike in the past 60 years. Or 50 years. Or 30 years. Or 20 years.
But it does include a number of tax hikes. The individual mandate, however, isn’t one of the big ones. It’s only expected to raise $27 billion during the next decade. The largest tax increase in the law is on high earners, who will see their Medicare payroll taxes increase by 0.9 percentage point and who will also pay a slightly higher rate on investment income. That raises more than $200 billion. There’s also the tax on unusually expensive health insurance plans, which raises $30 billion in the first decade, and much more in the second. There’s a $60 billion tax on insurance companies.

MORE... http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/07/02/no-obamacare-isnt-the-largest-tax-increase-in-the-history-of-the-world-in-one-chart/

There are 21 new or higher taxes to this act of fascism. Add them up, then apologize for your error.

http://www.economicpolicyjournal.com/2012/06/obamacare-21-new-or-higher-taxes.html

[Goldie Locks]

And your chart shows the biggest is under Truman...a democrat of course...even though Ubamacare is still the biggest.

[Cigar]

There are 21 new or higher taxes to this act of fascism. Add them up, then apologize for your error.

http://www.economicpolicyjournal.com/2012/06/obamacare-21-new-or-higher-taxes.html

Ain't going to happen sport ... :)

I'm not paying more ... and you're not paying more ... remember what year it is?

Let me remind you ... it's 2012 ... not 2013 or 2014.

[Goldie Locks]

75% of it to be paid by those earning under $120,000 ...News flash, the middle class has health insurance, yet we will be the ones to pay for this damn thing.

[Cigar]

Exactly who do you think 30 Million Uninsured people are?

[michaelr]

Ain't going to happen sport ... :)

I'm not paying more ... and you're not paying more ... remember what year it is?

Let me remind you ... it's 2012 ... not 2013 or 2014.

Hey you know what "sport", you're pretty damn short sighted. I don't say that as an insult, but I do find it hilarious. Who do you think is going to pay extra when employers are faced with added taxes? The Keebler Elf perhaps? Me thinks not, me thinks you and I will. OK 'sport'?

[Cigar]

Hey you know what "sport", you're pretty damn short sighted. I don't say that as an insult, but I do find it hilarious. Who do you think is going to pay extra when employers are faced with added taxes? The Keebler Elf perhaps? Me thinks not, me thinks you and I will. OK 'sport'?


The same people who pay 6x the Health Care to the Uninsured when someone goes to the Emergency Room, rather than preventive care.

Simple Math ... sport. :)

[michaelr]

The same people who pay 6x the Health Care to the Uninsured when someone goes to the Emergency Room, rather than preventive care.

Simple Math ... sport. :)

No it isn't as simple as that. First of all there will still be around 22 million without insurance, then you have the increased taxes. The taxes alone lead to at least two scenarios, higher unemployment and lower wages. Hell at this rate we will all be able to get "free" healthcare, because we will all be in poverty.

$16 trillion in debt sport, and that automatically goes up next year, add this mess to that. Good luck with your dollar sport, you'll need it.

[Cigar]

No it isn't as simple as that. First of all there will still be around 22 million without insurance, then you have the increased taxes. The taxes alone lead to at least two scenarios, higher unemployment and lower wages. Hell at this rate we will all be able to get "free" healthcare, because we will all be in poverty.

$16 trillion in debt sport, and that automatically goes up next year, add this mess to that. Good luck with your dollar sport, you'll need it.

I sure glad the sky isn't falling in my world. :)

[bladimz]

Hey you know what "sport", you're pretty damn short sighted. I don't say that as an insult, but I do find it hilarious. Who do you think is going to pay extra when employers are faced with added taxes? The Keebler Elf perhaps? Me thinks not, me thinks you and I will. OK 'sport'?Here's something to consider: business owners will finally be able to free themselves of that albatross. Providing health insurance for their employees has become a nightmare. Premiums are climbing yearly, forcing many businesses to cut back on benefits, or for some to even close their doors. I know as a business owner, i would have been very happy to pay that "tax" rather than the burdensome and highly volatile health insurance issue. This becomes an ever growing contentious problem with employee-employer relationships, and it's time to separate insurance and employment. It's just as simple as that. For you conservatives, consider it as a "personal responsibility", instead of glumming on the back of your "job creator".

[michaelr]

Here's something to consider: business owners will finally be able to free themselves of that albatross. Providing health insurance for their employees has become a nightmare. Premiums are climbing yearly, forcing many businesses to cut back on benefits, or for some to even close their doors. I know as a business owner, i would have been very happy to pay that "tax" rather than the burdensome and highly volatile health insurance issue. This becomes an ever growing contentious problem with employee-employer relationships, and it's time to separate insurance and employment. It's just as simple as that. For you conservatives, consider it as a "personal responsibility", instead of glumming on the back of your "job creator".

The tax comes rather they provide healthcare or not. That taxes are coming, I can't possibly make that more clear.

Listen, with respect. Our economy grinds on only due to QE and Twist programs. We need no new or higher taxes, we need jobs.

Don't confuse me with a Romney supporter, you people will keep this law no matter if it is Romney or Obama that gives it to you. Meanwhile unemployment will hike and wages will drop. God Bless the Goldman Sachs of America hey?

[coolwalker]

Exactly who do you think 30 Million Uninsured people are?

Illegals plus a few old people...maybe 20 or 30 of them.

[Deadwood]

There are 21 new or higher taxes to this act of fascism. Add them up, then apologize for your error.

http://www.economicpolicyjournal.com/2012/06/obamacare-21-new-or-higher-taxes.html


What?


Apologize?

AH, that would require some humility.

[Deadwood]

The tax comes rather they provide healthcare or not. That taxes are coming, I can't possibly make that more clear.

Listen, with respect. Our economy grinds on only due to QE and Twist programs. We need no new or higher taxes, we need jobs.

Don't confuse me with a Romney supporter, you people will keep this law no matter if it is Romney or Obama that gives it to you. Meanwhile unemployment will hike and wages will drop. God Bless the Goldman Sachs of America hey?

So will jobs.

The biggest impact this will have is that employers have no incentive, nor can they afford to hire full time people.

The poor just got poorer.