WASHINGTON - President Obama famously promised: “Under my plan, no family making less than $250,000 a year will see any form of tax increase." But, according to a new analysis by the non-partisan Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT), the President’s individual tax mandate under ObamaCare will break this pledge to millions of Americans:
The individual mandate in 2016 alone will cause almost 6 million American taxpayers to pay $7 billion in new taxes. Over the next six years the tax will jump to $8 billion per year.
Almost 80 percent or 4.7 million Americans subjected to this new tax make less than 500 percent of the federal poverty level.
These 4.7 million Americans making less than $60,000 for singles and $123,000 for a family of four will pay more than HALF-or $3.1 billion-of the new tax.
Despite spending 2.6 trillion dollars on this health spending law, almost 30 million Americans will remain uninsured in 2016 and 20 percent of them will now be subject to this new onerous tax.
