NOT A TAX INCREASE, A TAX CUT FOR THE MIDDLE CLASS,
AND GOOD FOR THE ECONOMY
There is no massive tax hike- best estimates are 1 to 2 percent will have to pay the tax.
28.6 million Americans entering health care exchanges will be eligible for the tax credits in 2014, valued at $110.1 billion to provide much-needed assistance to insured individuals and families facing ever increasing rising premiums, as well as to uninsured individuals and families who need help purchasing coverage.. Most of the eligible families will be employed, many for small businesses, and will have incomes between two and four times poverty (between $44,100 and $88,200 for a family of four based on 2010 poverty guidelines).
AND THE OVERALL IMPACT ON THE ECONOMY WILL BE POSITIVE:
1) Obamacare will reduce the deficit. The Congressional Budget Office estimated in 2011 that Obamacare will reduce the federal deficit by $210 billion over the next decade. The law is expected to save about $1 trillion over its second decade, according to other CBO analyses. The CBO found that repealing the law, as Republicans attempted to do in 2011, would increase the deficit by $230 billion over the next 10 years.
2) Health care costs for young Americans won’t skyrocket. More than 3.1 million young Americans have insurance thanks to Obamacare. Without the law, the cost of acquiring an equivalent health care plan would have risen dramatically at a time when young people are still struggling with the effects of the Great Recession.
3) Millions of jobs will be created. Health reform will help create roughly 4 million jobs over the next decade, according to a 2010 Center for American Progress report, by reducing the cost of health care and making it cheaper for businesses to hire. The law will create between 250,000 and 400,000 jobs a year, and they will be spread across sectors: according to the study, the law will help create more than 200,000 manufacturing and 900,000 in the service sector by 2016.
4) It will be cheaper for employers to provide health care. American businesses are under tremendous pressure thanks to rising health care costs, and these costs are often passed on to customers (one study estimates that each car sold by General Motors contains $1,200 in built-in health costs). The ACA, however, will make it cheaper for businesses to provide care, and not just by reducing the cost of care. Small businesses are already receiving tax credits contained in the law to help insure their employees, and it has already offered more than $4.7 billion in reinsurance payments to companies that are providing health care to retirees who aren’t yet eligible for Medicare.
Lifted as a whole bit from a Democratic website.