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Promises Gone With the (Big Government) Wind

Washington, Apr 13 -

Promises, promises. They’re here one day, and the next they’ve been blown away like a campaign poster flapping in the wind. So if you’re one of those many millions of Americans who earn less than $200,000 and believed President Obama would not raise your taxes, don’t be alarmed by the sudden breeze carrying more of your money to Washington. The winds of hope have changed.

• “Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes -- in 2019 alone -- because of healthcare reform, according to the Joint Committee on Taxation, Congress' official scorekeeper for legislation.”

• “The new law raises $15.2 billion over 10 years by limiting the medical expense deduction, a provision widely used by taxpayers who either have a serious illness or are older.”

• “Once the law is fully implemented in 2019, the JCT estimates the deduction limitation will affect 14.8 million taxpayers – 14.7 million of them will earn less than $200,000 a year. These taxpayers are single and joint filers, as well as heads of households.”

• “Couples earning less than $250,000 will also be nicked by the tax, but the exact number is unclear. The JCT lumps this income level in with those making at least $500,000.  Joint Tax estimates that 58,000 taxpayers earning between $200,000 and $500,000 annually will pay $74 million more in taxes in 2019.”

• “President Barack Obama in his Saturday radio address said the healthcare law keeps his campaign pledge to not raise taxes on the middle class. In his bid for the White House, he promised that individuals earning less than $200,000 and joint filers earning less than $250,000 would not see a tax increase under his watch.”