Health Care Law’s Tax Hikes Coming
WASHINGTON (AP) — Who will get thumped by higher taxes in President Barack Obama’s health care law? The wealthiest 2 percent of Americans will take the biggest hit, starting next year. And the pain will be shared by some who aren’t so well off — swept up in smaller tax changes to help finance coverage for millions in need.
For the vast majority of people, however, the health care law won’t mean sending more money to the IRS.
And roughly 20 million people eventually will benefit from tax credits that start in 2014 to help pay for insurance.
In this election year, Obama is campaigning on the benefits for the uninsured, women and young adults. His rival, Mitt Romney, vows to repeal “Obamacare,” saying reforms are needed but not at this cost.
