Surprise! Obamacare will tax more, spend more than CBO originally claimed
According to new CBO estimate, published conveniently after the Supreme Court decision, overall costs for Obamacare will be nearly double that originally said.
Forbes.com reports,
Earlier this week, the Congressional Budget Office released its revised estimates of what Obamacare will cost, now that the Supreme Court has weighed in. As I read the report, it occurred to me to ask: how have the CBO’s estimates changed over time?
It turns out that, even when you compare the years that are common to each CBO report, a clear trend emerges. Today, the CBO believes that Obamacare will spend more money, raise more tax revenue, and reduce the deficit less than the agency thought in 2010. And things could get worse. . . .
In 2010, the CBO estimated that Obamacare’s spending on new programs would amount to $929 billion from 2013-2019, and a ten-year cost of $944 billion. Those figures increased to $956 billion and $1,442 billion respectively in 2011, and $1,053 billion and $1,856 billion in 2012. . . .
That’s spending. What about taxes? Same thing:
In 2010, the CBO estimated that Obamacare’s tax increases would amount to $626 billion from 2013-2019, and $631 billion over ten years. In 2011, the CBO estimated totals of $624 and $968 billion, respectively.
In the most recent report, the CBO projected a 2013-2019 total of $672 billion, and a ten-year total of $1,221 billion. . . .
The revenue increases in the law include revenues from the individual mandate; the employer mandate; taxes on insurers, drugmakers, and medical device manufacturers; and, most importantly of all, the “Cadillac tax” on high-value insurance plans.