This from Investor’s Business Daily:
“… ObamaCare’s three biggest taxes — a Medicare surcharge, the so-called Cadillac tax and an insurance premium fee — will increasingly hit the middle class because of how the law indexes them for inflation and medical costs.
The single largest tax hike in ObamaCare is the one that boosts the Medicare payroll tax rate to 3.8% on family incomes over $250,000, and extends that tax to their investment earnings.
Over the next decade, the Medicare surcharge will raise $318 billion, according to the Joint Committee on Taxation.
But these taxes, commonly described as targeting the rich, will soon hit middle-income families. That’s because the Democrats who wrote the law did not index the income thresholds for inflation. So more and more families will end up paying these “wealthy” taxes simply because they are getting cost-of-living increases — a phenomenon known as “bracket creep.”
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“Looked at another way, the number of people hit by ObamaCare’s Medicare surcharge will double every 16 years, according to an analysis by the Americans for Tax Reform Foundation.”
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“Annual revenues from this tax will more than double in a decade, hitting $45.8 billion in 2023, according to the JCT, thanks in part to this bracket creep.”
ObamaCare Taxes Will Increasingly Bite Middle Class
By JOHN MERLINE, INVESTOR’S BUSINESS DAILY
Posted 04/16/2013 05:35 PM ET