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The Fiscal Cliff’s Hidden $1 Trillion Tax Hike

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

http://www.cbo.gov/sites/default/files/cbofiles/attachments/43471-hr6079.pdf

John Kartch and Ryan Ellis