Well it appears that Business owners will be paying a bit more than they anticipated in taxes under the Affordable Care Act (ObamaTax). The Congressional Budget Office claims that business owners will owe $4 billion more than they previously expected.
“According to the updated estimates, the amount of deficit reduction from penalty payments and other effects on tax revenues under the ACA will be $5 billion more than previously estimated,” the CBO reported. “That change primarily effects a $4 billion increase in collections from such payments by employers, a $1 billion increase in such payments by individuals, and an increase of less than $500 million in tax revenues stemming from a small reduction in employment-based coverage, which will lead to a larger share of total compensation taking the form of taxable wages and salaries and a smaller share taking the form of nontaxable health benefits.”
The short of this is that the CBO revised the ObamaTax to increase by $4 billion in taxes for businesses, while also moving the figures upward to $1-$1.5 billion in taxes for individual workers. We all are getting the shaft on this one.
So remember when Nancy Pelosi said that we needed to pass the bill to find out what was in it? Well, we still haven’t found out what kind of mess is in this monstrosity. We are still learning what is in it and sadly we may be learning what all is in this thing for years to come. One thing we do know in all of this is that the American people are being taxed to death by the the ironically named “Affordable” Care Act.