President Obama’s campaign promise:
I can make a firm pledge under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.
Chris Conover comments:
There’s 21 different taxes stuffed into ObamaCare designed to raise more than $1 trillion in taxes over the next decade. Last October I showed that only 30% of these taxes would actually be borne exclusively by “rich” households ($200,000+ for singles/$250,000+ for couples)…
Even the lowest income families (earning less than about $19,000 in 2012) will be on the hook for nearly $7,000 in ObamaCare taxes over the decade that started last year. [See the graph.]
Let’s be clear. ObamaCare also absolutely and positively is socking it to the “rich” (approximately the top 2%). I calculate that families in that income range will end up paying $177,000 over the same decade. But the much more surprising figure is that such families will end up bearing only 34% of the ObamaCare tax burden. It’s true that the top 20% of families will bear about 56% of the overall burden, but such families also account for 50% of after-tax income (at least according to the Consumer Expenditure Survey data I used to make my calculations).