Yesterday I wrote about the medical device tax in ObamaCare that will destroy the medical device industry, innovation and jobs in America. I explained that although ObamaCare has been classified as a giant tax, there are many taxes within the bill that people may not realize now, but they'll sure realize them when their healthcare costs go up, not down as a result. The Heritage Foundation has produced an alarming new chart outlining and describing 18 specific tax increases in ObamaCare which start on January 1, 2013.
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 afterall.
You can read more about the coming ObamaTax bomb here.
|Katie Pavlich is the News Editor at Townhall.com. Follow her on Twitter @katiepavlich. She is also the author of Fast and Furious: Barack Obama's Bloodiest Scandal and the Shameless Cover-Up.
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Author Photo credit: Jensen Sutta Photography
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