More on Obamacare not biggest tax increase ever
July 2, 2012 Leave a comment
My earlier post really just pointed out how small the tax is that one owes if they choose not to purchase insurance. [anyone who knows anything about the federal budget would laugh hysterically at that one--it would raise $9 Billion in 2022 which is like standing on a pier and spitting into the ocean when viewed against the size of the federal budget, and the fact that CBO says having this tax in place would double the uptake of health insurance in the ACA shows that it is a relatively small tax that produces large benefits if you think expanding insurance coverage is a benefit.]
However, to measure increase, you really have to compare different tax bills in terms of the percentage increase in GDP.
If you take ALL the taxes (not what was declared a tax by the Supremes) raised to offset the spending (subsidies for private insurance, Medicaid expansions), the ACA falls in the middle of post World War II bills that raise taxes. Austin made the chart.
It costs money to expand insurance coverage to ~32 Million people. Here is Goldman Sach’s interepretation of the ACA, that has been around since April 2010, that clearly shows taxes and Medicare cuts to pay for expansion of health insurance.