No, ‘Obamacare’ isn’t ‘the largest tax increase in the history of the world’ (in one chart)

[ProfessionalLeftist]

Since the Supreme Court decision, Republicans have been calling the Affordable Care Act “the largest tax increase in the history of the world.” Politifact rates this false. Kevin Drum’s got a table of the 15 significant tax increases since 1950, and the Affordable Care Act, which amounts to a tax increase of 0.49 percent of GDP, comes in 10th. Austin Frakt took Drum’s table and made a chart:



So no, the Affordable Care Act isn’t the “biggest tax hike in history.” It’s not even the biggest tax hike in the past 60 years. Or 50 years. Or 30 years. Or 20 years.

But it does include a number of tax hikes. The individual mandate, however, isn’t one of the big ones. It’s only expected to raise $27 billion during the next decade. The largest tax increase in the law is on high earners, who will see their Medicare payroll taxes increase by 0.9 percentage point and who will also pay a slightly higher rate on investment income. That raises more than $200 billion. There’s also the tax on unusually expensive health insurance plans, which raises $30 billion in the first decade, and much more in the second. There’s a $60 billion tax on insurance companies. You can find the whole list here.

MORE...

http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/07/02/no-obamacare-isnt-the-largest-tax-increase-in-the-history-of-the-world-in-one-chart/

[pinto]

1. Kick

Nothing like facts to counter Republican spin.

[ProfessionalLeftist]

3. I wish Obama camp had gotten out front on this

no guarantee the GOP controlled corprat media would broadcast or print the facts even if they put them out there, but they should have tried. As is, the Psychopath Party propaganda machine dominates the national convo w/ no counter-information offered. Low info, lazy voters believe whatever is put in front of them.

[BumRushDaShow]

18. "but they should have tried"

He HAS. If you have ever been able to catch his campaign rallies on any of the CSPANs (the few times they might show one), he says it.

People keep blaming him rather than demanding that rich Democrats BUY some media outlets (tv, radio, newspapers) so that the message that is currently suppressed, is put out there.

[ProfessionalLeftist]

19. Yes I know.

That's why I said there was no guarantee that the corprat / GOP media would broadcast or publish anything if they did try. This is a HUGE issue. They who control the media, control the message.

Paging George Soros ....

[AllyCat]

7. I just had someone on FB try to argue the "fact" that Wisconsin failed to recall our LEFT wing Gov

and that the state is now in recovery. If by recovery he means stagnant wages, poor job growth, cuts in social services, and gutting the school system, maybe I'm wrong.

[uponit7771]

4. Obamacare is a penalty enforced under tax code, if you can afford HCI and don't get it then pay the

...penalty as a tax.

Traffic tickets are not taxes if the law is obeyed

[a kennedy]

5. This is a great graph....

Thanks.

[modem77]

6. Just look at all those tax increases under Reagan.

[Poll_Blind]

8. Thank you- that's a great chart that gives some perspective! nt

PB

[likesmountains 52]

9. Where can I get info to argue about the "20 new taxes" that people keep mentioning?

When I google it, every link is to either Fox or a right wing think tank. Thanks

[yardwork]

10. Look at all those huge tax increases in the 1980s when REAGAN and BUSH were presidents!

Why, one of them is even called the Reagan Tax Increase!

[ProgressiveEconomist]

11. And very few still are talking about $681 billion in TAX CREDITS (tax CUTS)

and other exchange-associated costs, FIFTEEN TIMES the estimated $45 billion to be raised in individual penalties for not buying health insurance are estimated to raise $45 billion over 10 years.

Two years ago, it was common for Democrats to point to the hundreds of billions in tax credits as "the largest middle-class tax cut for hhealthcare in history'.

See http://www.democraticunderground.com/1002890826 for details and a link to a crucial March 2012 table of updated Congressional Budget Office budget estimates for the Affordable Care Act.

[4th law of robotics]

12. As it stands though it is the largest tax increase

that proponents have sworn is not a tax increase.

[SunSeeker]

13. Nope, I'd give Bush's two wars that crown--hidden on the books yet paid for by the middle class.

[SunSeeker]

14. Excellent synopsis of how the ACA taxes work (i.e. it is on the rich and freeloaders).

If you are in the 99% and paying for health insurance, your taxes are not going up under the ACA.

[ErikJ]

16. 1917 and 1932 by FAR the biggest! Up 60% and 40%!!!!

In 1917 the top tax rate was raised from 13% to 77% to help pay for WW1.

In 1932 the top rate went from 25% to 63%. The biggest peacetime tax increase of all time.

[Gregorian]

17. Except that by being insured, we probably save trillions in added medical costs of chronic illnesses