July 3, 2012
When asked in 2009 if Obamacare’s individual mandate constituted a tax increase, President Obama had a firm response: “I absolutely reject that notion.”
But now, given the Supreme Court’s ruling on his health care law, the president must admit that the individual mandate in indeed a tax. It’s either that, or admitting to its unconstitutionality.
As tax increases go, Obamacare is a doozy. President Obama vowed not to tax any family making less than $250,000 annually. Obamacare will do just that. And unfortunately, it isn’t the only tax that middle class Americans will have to shoulder, The Heritage Foundation’s Alyene Senger explains:
The individual mandate is far from alone on Heritage’s lengthy list of Obamacare’s new taxes and penalties, many of which will heavily impact the middle class. Altogether, Obamacare’s taxes and penalties will accumulate an additional $500 billion in new revenue over a 10-year period. Yesterday, a senior economist for The Wall Street Journal revealed that 75 percent of Obamacare’s new taxes will be paid for by American families making under $120,000 a year. Among the taxes that will hit the middle class are the individual mandate, a 2.3 percent excise tax on medical devices, a 10 percent excise tax on indoor tanning, and an increase of the floor on medical deductions from 7.5 percent of adjusted gross income to 10 percent.
Do you think President Obama has a responsibility to hold true to his promises to Americans?