Yesterday was tax day, serving as a special reminder of how big the federal government has become. As Heritage has warned before, Obamacare is on track to makes things a lot worse.
The President’s health law will be partially paid for by tax increases and the creation of new taxes. When Obamacare first passed, the Joint Committee on Taxation estimated that its tax hikes would total $502 billion over the next 10 years. But most of the new, higher taxes don’t kick in until later in the decade, which means that once all of the law is fully implemented, the taxpayers’ tab will be much bigger than originally estimated.
A new study by the Joint Economic Committee (JEC) revealed today that Obamacare will impose higher taxes totaling $4 trillion between now and 2035, with substantial hits on working Americans. That works out to more than $1.7 trillion over a decade—more than triple the original 10-year score.Continue reading on blog.heritage.org