Obamacare's 10 Most Expensive Taxes and Fees

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Obamacare's 10 Most Expensive Taxes and Fees This Tuesday 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. 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. Below is a list of Obamacare’s most costly taxes and fees, drawn from research by Heritage tax policy expert Curtis Dubay: Hospital Insurance Tax. Beginning in 2013, Obamacare increases the Hospital Insurance (HI) portion of the payroll tax from 2.9 percent to 3.8 percent for families earning more than $250,000 a year and for single filers earning more than $200,000 annually. The increased HI tax is also applied to investment income for the first time. The 3.8 percent surtax on investment income is the most economically damaging tax in Obamacare. And these tax increases won’t remain just on families making more than $250,000 a year for long. As the JEC explains, this tax is not indexed to inflation: “This means that in just 10 years from now, the so-called ‘high-income’ thresholds will have effectively ratcheted down to $152,000 and $190,000 in today’s dollars.” This tax increase amounts to $210 billion between 2013 and 2019. Mandate Penalties. In 2014, Obamacare’s individual and employer mandates go into effect, forcing individuals to purchase coverage and employers to offer coverage to their workers. The penalties paid in association with these mandates are an estimated $65 billion between 2014 and 2019. Health Insurance Provider Fee. Starting in 2014, Obamacare imposes an annual fee on health insurance providers based on each company’s share of the total market. This totals a $60 billion tax hike between 2014 and 2019. Read the rest of the list on The Foundry >> Premium Support Proposals: Key Elements and a Comparison Democrat Senate Candidate Wants to Repeal (Part of) Obamacare In Pictures: The Impact of Obamacare Saving the American Dream: Comparing Medicare Reform Plans New Study Shows Obamacare’s Huge Additions to Federal Deficit   $27 Billion INCREASE IN PRESCRIPTION DRUG FEES BY 2019 Obamacare is "bending the cost curve" up, not down. Learn More >>     About The Heritage Foundation Founded in 1973, The Heritage Foundation is a research and educational institute — a think tank — whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense. The Heritage Foundation | 214 Massachusetts Ave NE, Washington, DC 20002 | 202.546.4400 | heritage.org