Joint Economic Committee: $4 Trillion Obamacare Taxes
According to a new report from the Joint Economic Committee, based on CBO data, Obamacare will impose $4 trillion in new taxes by 2035. The “Cadillac” tax will lead to reduced medical benefits and higher taxes across all income classes. The “high-income” surtaxes are not indexed and will eventually hit low- and middle-income families who simultaneously receive Obamacare’s subsidies. Despite President Obama’s campaign promise to reduce average family premiums by $2,500, families are now paying almost $2,400 more. Obamacare’s $4 trillion in taxes across all sectors and income classes will diminish economic growth as the private sector faces both higher prices and lower incomes.