- Jan 9, 2010
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Must read for those wondering about the cost of the subsidizes and medicaid expansion. I don't fault politicians for not touching this aspect of the law, but it's importance makes that all the more disappointing.
Obamacare’s Impact on Today’s and Tomorrow’s Taxpayers: An Update
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The article continues and has a list of the new taxes that have been implemented since 2010. The especially frustrating thing of note is the CBO estimates for the law which are so clearly misleading.
1.8 Trillion is a such a substantial burden I can see why it has been 86'd from any podium discussion Obama gives on the thing.
Obamacare’s Impact on Today’s and Tomorrow’s Taxpayers: An Update
At a time when the nation has nearly $17 trillion in national debt and is running annual trillion-dollar budget deficits, largely attributed to existing entitlements, Obamacare creates two new entitlements projected to cost nearly $1.8 trillion over the next decade.
While Obamacare is technically scored by the Congressional Budget Office (CBO) as a deficit reducer, when rational assumptions are made and budget gimmicks are omitted, the law is far from paid for, likely increasing future budget deficits and further burdening current taxpayers and future generations.
New Spending
The two main coverage components of Obamacare are a massive Medicaid expansion and new government subsidies to purchase coverage in the government-run state exchanges. The new spending on these provisions will cost taxpayers nearly $1.8 trillion from 2014 to 2023.
Beginning in 2014, Obamacare expands Medicaid eligibility to all individuals earning up to 138 percent of the federal poverty level (FPL) in any state that chooses to accept this expansion. This expansion is projected to add an additional 13 million Americans to Medicaid by 2023, mostly childless adults, costing federal taxpayers $709 billion from 2014 to 2023.
In addition, Obamacare creates government subsidies for individuals and families earning between 100 percent and 400 percent of the FPL. In 2013, 400 percent of the FPL was almost $46,000 for an individual and $94,200 for a family of four. By 2023, 19 million people will receive subsidies, costing taxpayers over $1 trillion from 2014 to 2023.
New Taxes and Penalties
Obamacare’s new spending is offset in part by the imposition of 18 new taxes and penalties. The CBO and the Joint Committee on Taxation project that Obamacare’s taxes will raise $771 billion in new government revenue from 2013 to 2022.[5] The taxes have been phased in since the law’s passage, with a few still waiting to start.
Continue Reading
The article continues and has a list of the new taxes that have been implemented since 2010. The especially frustrating thing of note is the CBO estimates for the law which are so clearly misleading.
1.8 Trillion is a such a substantial burden I can see why it has been 86'd from any podium discussion Obama gives on the thing.
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