As I'm sure would be the case for any 2,400 page bill, there are a few good ideas in President Obama's health care law, also known as the Affordable Care Act (ACA) or ObamaCare. Unfortunately for the American people, the bad ideas outweigh the good ones. Among the many bad ideas are twenty new or increased taxes included in ObamaCare [a full list can be found here]. Over the course of the next few weeks I'll be highlighting some of these new taxes. As compiled by Americans for Tax Reform, let me point out two of them today.
Individual Mandate Excise Tax (Takes effect Jan. 2014):
Individual: Anyone not buying "qualifying" health insurance as defined by Obama-appointed bureaucrats must pay an income surtax according to the higher of the following
2014 1% AGI/$95 1% AGI/$190 1% AGI/$285
2015 2% AGI/$325 2% AGI/$650 2% AGI/$975
2016+ 2.5% AGI/$695 2.5% AGI/$1390 2.5% AGI/$2085
*[AGI -- Adjusted Gross Income]; **Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337.
According to nonpartisan Congressional Budget Office (CBO) data, roughly 75 percent of these so-called penalties (ruled to be "taxes" by the Supreme Court) will fall on the middle class. Bill: PPACA; Page: 345-346