Three years ago this month President Barack Obama signed into law a sweeping overhaul of our nation’s health care system. More than 1,000 days later, farmers, ranchers and other families and small business owners are still waiting for the “care” and “affordability” that the name of the law, the Patient Protection and Affordable Care Act, implies.
Instead, over the weeks and months since ACA became law, we’ve been watching the costs and complexities pile up on an already expensive and confusing system. The higher taxes and thousands of pages of new regulations that come with ACA are certainly not what the doctor ordered for a recovering Main Street economy.
Both the Congressional Budget Office and the Joint Committee on Taxation – noted and nonpartisan budget and tax authorities – have said that ACA will levy more than $1 trillion dollars in taxes, barely a dime of which families and small employers can afford. Half of the 21 new taxes will hit families and business owners making less than $250,000 per year ($200,000 for individual filers). This flies in the face of the president’s promise to not increase taxes on low- and middle-income earners. It’s also hurtful to the nation’s job creators, most of whom file as individuals.