One of the biggest lies peddled by the Obama administration is that they have never raised taxes on those earning less than $200,000 a year. As we noted last week, Obama has indeed raised tax on the middle class, including those in the form of pernicious hidden costs on vital goods and services. One of the biggest treasure troves of tax increases can be found in Obamacare.
Aside for the obvious taxes embedded in the leviathan (individual mandate, medical device tax, 40% excise tax on health insurance plans), Obamacare will impel large tax increases on a state level in order to set up the healthcare exchanges mandated under the law.
Obamacare requires that all states set up health care exchanges to service those who need to purchase insurance as required under the individual mandate by 2014. Here’s the subterfuge. Although the federal government will fund those exchanges in 2014, states will be left holding the bag for the subsequent years. As we all know, states are scrapped for cash and will need to find more revenue to fund those exchanges. Where will that revenue come from? All of us.
Here is a report from the Washington Examiner on the plans to raise taxes in Maryland, the land of a thousand taxes, in order to pay for Obamacare:
The state of Maryland is looking for ways to raise up to $50 million annually though an assortment of taxes and fees to finance the state’s health benefits exchange, an insurance marketplace that the federal health care law requires states to have operational by 2014.
Proposals under consideration include broad-based assessments, such as statewide increases on alcohol and cigarette taxes, as well as targeted levies on patients and providers participating in the exchange, according to Gov. Martin O’Malley’s office.
What Obama will not tell you is that states don’t have the luxury of printing money or incurring infinite debt. They must raise taxes. We must not let Obama obfuscate his hand in these future unfunded liabilities and tax increases that will hit all 50 states.
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