ObamaCare Nightmare: $1 Trillion in New Taxes

Katie Pavlich

7/27/2012 8:15:00 AM - Katie Pavlich

It's been a month since the Supreme Court ruled ObamaCare constitutional as a tax and now the CBO is out with new numbers showing the government takeover of the healthcare system calls for $1 trillion in new taxes. Joel Gehrke has the numbers:

The individual mandate — which the CBO calls a “penalty tax,” in apparent deference to Chief Justice John Roberts — will produce $55 billion in “penalty payments by uninsured individuals,” the CBO told House Speaker John Boehner, R-Ohio, in a Tuesday letter. Of course, the framers of the law didn’t design the mandate as a tax, and so it produces less revenue than any other provision in the bill.

The “additional hospital insurance tax” is the largest tax increase in Obamacare, projected to bring in $318 billion in new revenues. According to the 2010 report from the Journal of Accountancy, this tax hits “high-income tax payers” — individuals making over $125,000 a year or households making over $250,000 a year.

The health care law gets another $216 billion from the “associated effects of coverage provisions on tax revenues,” while “reinsurance and risk adjustment collections” brings in another $184 billion.  Fees on certain manufacturers and insurers generate $165 billion.  Another $111 billion comes from the excise tax on high-premium insurance plans.

Obamacare also demands “penalty payments by employers” to the tune of $106 billion. “Other revenue provisions” bring in $87 billion, per CBO.

FLASHBACK: "No family making less than $250,000 a year will see any form of tax increase."