WASHINGTON EXAMINER: It’s official: Obama raises taxes on the middle class.
On Wednesday, the Congressional Budget Office confirmed what we’ve been saying for years now: President Obama has broken his pledge not to raise taxes on the middle class. During his 2008 campaign, Obama promised Americans that he wouldn’t raise taxes on anybody making less than $250,000 a year. Technically, he broke that pledge weeks after taking office, when he signed an increase in cigarette taxes, which fall disproportionately on those with lower incomes. Now, the CBO has released updated estimates showing that Obamacare’s insurance mandate — which the Supreme Court ruled to be a tax — will hit millions of middle-class Americans.
In its report, the CBO determined the mandate tax would cost 6 million Americans a total of $7 billion in 2016, with a minimum payment of $695 apiece. The annual cost will then average about $8 billion from 2017 through 2022. The health care law requires Americans either to purchase government-approved insurance or to pay a penalty. The CBO estimates 30 million will be uninsured by that year, but most will be exempted from the mandate because they are unauthorized immigrants, members of Indian tribes or don’t earn enough income to file taxes, among other reasons.
Among those who will have to pay a mandate penalty, 4.7 million will have incomes below 500 percent of the federal poverty level, according to the CBO.
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