ObamaCare: A Tax Failure?
by Tax Rascal
Categories: Business, Economy, Personal Finance, Politics, Tax News, Tax Policy
During President Obama’s first term, Obamacare was created. Initially, it was designed as an alternative to what private healthcare companies had to offer. In addition, Obamacare also meant a low cost investment without an increase in taxes.
However, the reality of what Obamacare is much different than the initial plans. Since the fateful day when the “Affordable Healthcare” Act was signed into law a couple of complete disasters occurred.
- Insurance premiums skyrocketed dramatically.
- Health insurance costs increased in 41 states.
- The Healthcare website did not work properly and brought discontent to many consumers.
- Billions of taxpaying dollars went to Obamacare workers refreshing screens all across the country.
- The law has forced countless companies to cease expansion, lay off workers and even shut down.
Due to these problems, many people have questioned the effectiveness of the healthcare law. In particular, Republicans on Capitol Hill argue that the healthcare law damages our country, destroys the private health industry and raises taxes. Then again, what else is expected? Only a few congressmen and senators took the time to even read the bill.
The best part; to fund the disastrous program, taxes are on the rise and deductions are being cut all over the country. Everything from a Medical Device Tax to an increase in the threshold of an Itemized Medical Deductions tab, has ultimately led to less money in taxpayer pockets.
Believe it or not, these added tax hikes and deductions are not the worst of our problems. Tax penalties have been placed on individuals and businesses who don’t comply with the standards of the Affordable Health Care law. In fact, the Congressional Budget Office reported these penalties are expected to exceed over 160 billion dollars in the next decade alone.
It’s pretty clear that the inefficiency of the government combined with the abuse of the system has only led to a never-ending, on-going government dilemma.
As tax rates climb, the healthcare system has become increasingly unfavorable to many in our country today. For example, the latest news on VA scandals leave us questioning the truth behind how veterans and members of our armed forces are being treated. The news stories of corruption and schemes go on and on, leaving more officials questioning how if this was a complete tax failure.
Speaking of tax failures, Dustin Hawkins, 2004 Bush presidential campaign staffer and conservative journalist said it best; “When has government ever run anything cost efficiently or effectively?” The Patient Protection and Affordable Care Act has been anything but effective. Results have been disastrous.
After looking at the big “Obamacare” picture, we can see that the new healthcare law has truly been an utter failure. From higher taxes to government scandals, it’s pretty clear that the health care act is hopeless. Let’s face it- with time, it will lose all credibility as more and more faults, failures and major problems are exposed.
Photo via watchingfrogsboil