Americans who feel overtaxed already are in store for a shocker: Obamacare will add 17 new taxes or penalties for a whopping cost of $502 billion over its first 10 years.
This week’s chart illustrates the new taxes and offers a year-by-year rundown of their annual costs. These taxes will pay for generous subsidies, an expansion of Medicare and new government spending.
A notable jump in Obamacare taxes comes in 2013, a result of Medicare Hospital Insurance tax and an increase in taxes on investment income for high-income earners.
“If you and your spouse earn more than $250,000 a year (or you alone earn $200,000 or more), your Medicare payroll tax will increase from 2.9 to 3.8 percent. This new tax will raise $210 billion for Obamacare,” the authors of “Why Obamacare is Wrong for America” wrote.