Obamacare Will Reduce Incomes of 80 Percent of Americans, Says Liberal Think Tank
A new study by the liberal Brookings Institution has concluded that the overwhelming majority of Americans will have their net incomes lowered because of Obamacare. The study finds that while the bottom 20% of income earners will see their incomes rise, the remaining 80% will see their incomes decline because of the bill passed with 100% Democrat support.
As Byron York from the Washington Examiner reports, this is hardly what was promised by Obamacare’s Democrat proponents:
Brookings scholars Henry Aaron and Gary Burtless sought to determine the law’s impact on income in 2016, when almost all of Obamacare will be in effect. To do so, they adopted a broad definition of income — not just a person’s wages, but also pension income, employer health coverage, government cash transfers, food stamps, other benefits, and now, subsidies from Obamacare.
They found quite an impact. “The ACA may do more to change the income distribution than any other recently enacted law,” Aaron and Burtless wrote. Obamacare provides billions in subsidies to those who qualify, expands Medicaid benefits, cuts Medicare, fines those who don’t purchase government-approved coverage and levies new taxes — all of which will change how much income millions of Americans bring in each year.
Aaron and Burtless’ first finding is no surprise: Obamacare will mean more for the lowest-income Americans. It will increase income by 9.2 percent for the lowest bracket — households making below about $21,000 a year — for those in their working years, age 25 to 64.
Then the surprise. Obamacare will reduce, by an estimated 0.9 percent, the incomes of working-age Americans in the next-lowest income bracket, households making between about $21,000 and $40,000 a year. And in the next income group, households making between about $40,000 and $65,000 a year — Obamacare will reduce their income, too, also by 0.9 percent.
A 1 percent reduction in income is relatively small. But it is still a reduction — and not at all what President Obama and Democrats in Congress promised. When the president pledged that Obamacare would make the health care system “better for everybody,” it’s doubtful Americans interpreted that as meaning it would reduce their income.Link to original article here.
" A 1 percent reduction in income is relatively small."
Relatively small? Yes, but... add that to the sales tax increases we experience every time the price of the products we buy increase, and the almost annual increases in property taxes, and the continuing increases in fees to license your vehicles and to renew your driver license and the increases in taxes on utility bills due to rate increases and the additional taxes and fees paid to the government simply because you have a telephone...
It never ends. Our hard earned "wealth" is being stripped from us and stolen by the government one little bite at a time.
When will we push back and say that enough is enough? With every penny that the government takes in, spending increases. Any talk of government debt reduction is smoke and mirrors, a shell game. There is no fiscal responsibility at the federal level. Very little at the state and local levels. We are being taxed into absolute servitude. Anyone who denies that is either stupid, or lives in an alternate reality.
Our government is like a newborn baby. All it does is eat, shit and cry.
"There is only one way to kill capitalism, taxes, taxes, and more taxes!!!!!"
"Government is the great fiction, through which everybody endeavors to live at the expense of everybody else."
"The power to tax is the power to destroy."