“This paper estimates PPACA will impose an additional, hidden cost of $157 billion to $494 billion in the form of reduced economic output. Related provisions (such as the so-called ‘doc fix’) could drive the economic losses to $550 billion, or more than half of the bill’s official cost estimates. Failing to account for this hidden tax multiplier biases legislative decisions toward more costly policies.”
The Administration has a high-level staffer responsible for pitching ObamaCare who took to the White House blog and made demonstrably false statements. She claimed that ObamaCare would absolutely not tax insurance benefits, while the law specifically as a tax on “Cadillac” health insurance plans.
“Well, Obamacare has barely started taking effect, and the evidence is already rolling in. I hate to say we told them so, but … we told them so. The laws of economics have struck back.”
“Our economy will have to find a way to restore its growth in spite of ObamaCare, not because of it.”
“Fewer than 2 million of the nation’s 6 million companies with employees qualify
for the small-business tax credits included in the new health insurance reform
law, says the National Federation of Independent Business. The law’s supporters
had projected that twice as many small businesses would qualify for the tax
Sen. Blanche Lincoln (D-AR) is the first Senate Democrat to endorse Sen. Mike Johann’s (R-NE) bill to repeal the restrictive new business reporting requirements in ObamaCare. The provision is entirely unworkable, and even the IRS has questioned its worth.
The onerous new tax reporting requirements of ObamaCare which forces businesses to file IRS paperwork on a vast number of business transactions was up for a vote to be repealed in Congress and failed. 40 million businesses would be hit by the requirement.
“We find that the reform’s mandate will raise overall costs, and that the structure of the mandate and tax credit will raise effective marginal tax rates on small business growth and expansions. In addition, the burdensome and intrusive 1099 reporting requirements will burden firms, alter the customer relationships in the small business market, and impose potential strains on employee relations in the small business sector.”
“So to sum up: McCain accurately dings Obama for being a tax-raiser. Obama responds by reiterating tax pledges he wouldn’t keep, while specifically (and ‘misleadingly’) attacking McCain for raising taxes with his health care plan. The ruse works–for most of the campaign, opinion polls showed that more people believed McCain was likely to raise taxes than Obama. Then, after the election, when Obama’s successfully passed health care plan imposes a new tax, he denies this fact in literally absolutist terms, until his administration is challenged to defend it in court. It’s breathtaking. And not in the good way.”
“Is the IRS capable of handling all of its new responsibilities under ObamaCare? Not according to the National Taxpayer Advocate. A new report from the IRS watchdog says that your friendly neighborhood tax collectors are insufficiently prepared to carry out their duties under the new health care law, and will therefore require additional funding not included in the bill.”