12 Days of Obamacare Surprises: Taxes
Not all surprises are good. When it comes to Obamacare, the original projections are turning into unfortunately different realities. For the next 10 days, Heritage is going to highlight one of the various changes in Obamacare projections (i.e. cost, enrollment, etc.) from when the law first passed until now.
To pay for massive new spending provisions, Obamacare includes 18 new or increased taxes, fees, and penalties.
In 2010, the Congressional Budget Office (CBO) projected that Obamacare’s provisions would generate $669 billion in additional revenue for the federal government from 2010-2019. This figure includes taxes, penalties, fees, and associated effects on revenue from Obamacare and excludes tax credits.
In 2012, the CBO updated its projections for the same taxes, penalties, fees, and associated effects to equal $1.24 trillion (excluding tax credits) from 2013-2022—which includes two additional years of Obamacare’s implementation. One of the many reasons the estimate is higher is because the number of people paying the individual mandate tax has increased by 2 million.