Trillion Dollar Tax Hike Hidden in Fiscal Cliff

Katie Pavlich
Posted: Dec 06, 2012 2:00 PM

According to Americans for Tax Reform, there is a $1 trillion tax hike hidden in the fiscal cliff that has been kept under the radar. The Congressional Budget Office estimates new or higher ObamaCare taxes will total a net $1 trillion over the next ten years starting in 2013. The taxes are permanent due to being written into the legislation and come in the form of a medical device tax, surtax on investment income, an increase in the Medicare payroll tax rate, the medical itemized deduction "haircut" tax, employer and individual mandate non-compliance tax and more. The numbers below are part of a report that was sent to Speaker John Boehner back in July 2012 about the cost of repealing ObamaCare. If President Obama's latest fiscal cliff proposal is passed, this $1 trillion tax hike will be added to Obama's newly proposed $1.6 trillion tax hike over the next ten years.