The first tax on this list, the increase in payroll tax for single filers making more than $250,000 per year, is the tax killing small business and job growth now. Small businesses file as individuals and understand that if they are going to be paying more money in taxes to the government, they will have less money not only to hire more people, but less money to continue paying their current employees.
Also, keep in mind that not only did President Obama strip $716 billion from Medicare to pay for ObamaCare, that $716 billion isn’t near enough to cover the entire bill. So what’s their solution? They plan to hike taxes by more than $800 billion. The “Affordable Care Act” isn’t so affordable after all.
The Coming Obama Tax Bomb
By now you know what the Supreme Court verdict is: ObamaCare is a tax. So what does that mean in terms of actual dollar amounts for Americans and businesses who will pay this new tax? The Heritage Foundation and Americans for Tax Reform have released a series of summaries, tables and charts to help families understand what this means for their wallet.
The Patient Protection and Affordable Care Act (PPACA) imposes numerous tax hikes that transfer more than $500 billion over 10 years—and more in the future—from hardworking American families and businesses to Congress for spending on new entitlements and subsidies. In addition, higher tax rates on working and investing will discourage economic growth both now and in the future, further lowering the standard of living.