There is a hidden $1 trillion net tax hike in the “fiscal cliff” that no one is talking about.
According to the Congressional Budget Office (CBO), Obamacare’s twenty new or higher taxes amount to a net $1 trillion over the next decade, 2013-2022.
These tax increases are already permanent law due to Obamacare. They include the medical device tax, the surtax on investment income, the individual and employer mandate non-compliance penalty tax, the medical itemized deduction “haircut,” the hike in the Medicare payroll tax rate, and others. These tax increases total exactly $1 trillion over the next ten years:
2012 CBO Report on Revenue Effects of Obamacare
John Kartch and Ryan Ellis