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Romney Campaign Press Release - Tomorrow's Headlines Today: Obamacare Hits Hard Across the Country

March 30, 2012

"It's no coincidence that President Obama waited for the 'flexibility' of his second term to hit the country with the worst parts of Obamacare. From trillions in new spending to drastic Medicare cuts and tax increases, Americans simply can't afford another four years of Barack Obama in the White House." —Andrea Saul, Romney Campaign Spokeswoman

Starting In 2013, Obamacare Will Begin Racking Up $1.76 Trillion In Spending Over A Decade:

According To The Nonpartisan Congressional Budget Office, Obamacare's Spending Will Total $1.76 Trillion Over The Next Decade. "President Obama's national health care law will cost $1.76 trillion over a decade, according to a new projection released today by the Congressional Budget Office, rather than the $940 billion forecast when it was signed into law." (Philip Klein, "CBO: Obamacare To Cost $1.76 Trillion Over 10 Yrs," The Washington Examiner, 3/13/12)

To Help Fund Obamacare's New Spending, President Obama Will Enact $500 Billion In Medicare Cuts For Today's Seniors:

President Obama "Will Reduce Medicare Outlays By $507 Billion." "In February 2011, CBO estimated that the permanent reductions in the annual updates to Medicare's payment rates for most services in the fee-for-service sector (other than physicians' services) and the new mechanism for setting payment rates in the Medicare Advantage program will reduce Medicare outlays by $507 billion during the 2012—2021 period." (Douglas W. Elmendorf, "CBO's Analysis of the Major Health Care Legislation Enacted in March 2010," Congressional Budget Office, 3/30/11)

Under Obamacare, Enrollment In Medicare Advantage Is Projected To Decline By 50% And Choices Will Decline By Two-Thirds. "Nationwide, compared to what would have been the case under prior law, by 2017, when the changes are fully phased-in, enrollment is projected to be 50 percent lower [7.4 million], the average would-be beneficiary will lose $3,700 in benefits (accounting for both those who remain in MA and those who leave), and the number of choices available in the average county will be reduced by about two-thirds."  (Robert A. Book and Michael Ramlet, "What Changes Will Health Reform Bring To Medicare Advantage Plan Benefits And Enrollment," Medical Industry Institute: Carlson School of Management, 10/11)

52 Percent Of Doctors Say Obamacare Will Compel Them To Close Or Significantly Restrict Their Practices To Medicare Patients. (Merritt Hawkins, "Health Reform and the Decline of Physician Private Practice," The Physicians Foundation, 10/10)

And In 2013, Obamacare Will Hit The Economy With The Largest Tax Increase In The Last 20 Years:

Obamacare Contains "The Largest Tax Increase Since 1993." "Keep in mind that Mr. Obama has already signed the largest tax increase since 1993. While everyone focuses on the Bush tax rates that expire after 2012, other tax increases are already set to hit the economy thanks to the 2010 Affordable Care Act." (Editorial, "Taxes Upon Taxes Upon..." The Wall Street Journal, 7/11/11)

The Nonpartisan Congressional Budget Office Estimated That Obamacare Will Raise Taxes By $525 Billion Over Its First 10 Years. (CBO Director Douglas W. Elmendorf, Testimony, U.S. House Of Representatives, 3/30/11)

Starting In 2013, Medical Devices Will Be Hit With $20 Billion In Excise Taxes. "Also starting in 2013 is a 2.3% excise tax on medical device manufacturers and importers. That's estimated to raise $20 billion." (Editorial, "Taxes Upon Taxes Upon..." The Wall Street Journal, 7/11/11)

Also Starting In 2013, Obamacare Will Apply $210 Billion In Medicare Taxes To Investment Income For The First Time In History. "Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000. For first time, the bill also applies Medicare's 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on 'the rich.' Oh, and these new taxes aren't indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires? Taxpayer cost over 10 years: $210 billion." (Editorial, "Taxes Upon Taxes Upon..." The Wall Street Journal, 7/11/11)

Mitt Romney, Romney Campaign Press Release - Tomorrow's Headlines Today: Obamacare Hits Hard Across the Country Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/300731

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