Barack Obama was re-elected on November 6th in a very tight election. That means that if he doesn’t get serious about excessive spending, we can look forward to being $22,000,000,000,000 ($22 trillion!) in debt by 2016. That’s about $70,000 for each man, woman and child in the United States.
That’s not the worst of it. Gov. Romney had promised to give each State a waiver from Obamacare on day one. That would have stopped this destructive law in it’s tracks. With the re-election of Obama, that option is off the table.
Obamacare contains 18 new taxes, 10 of which have yet to be implemented.
2013 – 2022
|Exclusion of unprocessed fuels from the existing cellulosic biofuel producer credit.
(What this has to do with health care is a mystery)
|Increase in corporate taxes by making it more difficult for businesses to engage in business activities that reduce their tax liability.||2010||$5.3 billion|
|10% excise tax on indoor tanning services.||2010||$1.5 billion|
|End of special deduction of Blue Cross/Blue Shield organizations.||2010||$0.4 billion|
|2010 Totals||$22.7 billion|
|Fee on manufacturers and importers of branded drugs based on each individual company’s share of the total market.||2011||$32.4 billion|
|Increased penalty for purchasing disallowed products with HSAs to 20%.||2011||$4.5 billion|
|Reduction in the number of medical products taxpayers can purchase using funds they put aside in HSAs and FSAs.||2011||$4.0 billion|
|2011 Totals||$40.9 billion|
|Fee on insured and self-insured health plans to fund PCORI.||2012||$3.8 billion|
|2012 Totals||$3.8 billion|
|Increased hospital insurance (HI) portion of the payroll tax from 2.9% to 3.8:% for couples earning more than $250,000 a year ($200,000 for single filers); increased HI tax applied to investment income for the first time.||2013||$317.7 billion|
|2.3% excise tax on manufacturers and importers of certain medical devices.||2013||$29.1 billion|
|7.5% adjusted gross income floor on medical expenses deduction raised to 10%.||2013||$18.7 billion|
|Elimination of the corporate deduction for prescription expenses for retirees.||2013||$3.1 billion|
|Increase in taxes on health insurance companies by limiting the amount of compensation paid to certain employees they can deduct from their taxes.||2013||$0.8 billion|
|2013 Totals||$369.4 billion|
|Penalty paid by employers that do not offer health coverage to their employees.||2014||$106.0 billion|
|Annual fee on health insurance providers based on each company’s share of the total market.||2014||$104.7 billion|
|Tax on individuals who do not purchase health insurance.||2014||$55.0 billion|
|Limit on the amount taxpayers can deposit in flexible spending accounts (FSAs) to $2,500 a year.||2014||$24.0 billion|
|2014 Totals||$289.7 billion|
|40% excise tax on “Cadillac” health insurance plans costing more than $10,200 for individuals and $27.500 for families.||2018||$111.0 billion|
|2018 Totals||$111.0 billion|
|Source: Heritage.org chart derived from the Joint Committee on Taxation and Congressional Budget Office|
(Notice that most of the tax increases take place after the 2012 election, wonder why?)
Obamacare includes an unelected panel of bureaucrats, the Independent Payment Advisory Board (IPAB, aka the Death Panel). The IPAB members are appointed by the President. Their decisions are immune to judicial review and can only be overturned by a supermajority in Congress.
If you want to get a fuller picture of how bad Obamacare is, the Heritage Foundation has the pictures here
So what do we do about it?
NULLIFY IT! Montana, Alabama and Wyoming already have. All three states passed measures to exempt themselves from Obamacare in the 2012 elections. I already made the case for Nullification in general here.
The Tenth Amendment Center has model legislation already written, ready to be edited and submitted to the legislature of every state. There are two versions, differing only in that the second prescribes penalties for Federal or State agents who attempt to enforce Obamacare. Feds get up to 5 years in prison and/or a fine up to $5,000. State officials get up to 2 years in the county jail and/or a fine up to $1,000. The second version also opens up the violators to civil action (they can be sued).
If we can get enough States to Nullify Obamacare, it’ll be as relevant as the Real ID act. Yes, the Real ID act is still on the books, but most States opted out (nullified it). Do you hear much about it these days? Let’s make Obamacare the next Real ID act.