Tax reform legislation signed into law by President Trump in December, which will lower taxes for most Americans this year, unfortunately did nothing to stop billions of dollars in new taxes under Obamacare from hitting millions of Americans in the wallet.
One example is the Obamacare health insurance tax, which is being paid for directly by consumers, in the form of higher premiums. So millions of us will take a direct hit, even though most people who will be paying for the tax increase don’t even realize it.
Over the next 10 years, individual market beneficiaries will pay over $2,000 more in premiums; families getting their coverage through small employers will pay over $6,000 more; and Medicare Advantage members will pay over $3,000 more.
Although Republicans did not create ObamaCare, they are in a golden position to end this tax and help bring down premiums. A failure to do so may hurt congressional Republicans when they come before the voters in this November’s midterm elections.
And that’s a risk they shouldn’t take.