President Obama’s healthcare law will hike taxes by $1.2 trillion over the next decade, according to a new analysis from the Congressional Budget Office.
The CBO, in a report released on Friday, evaluated the budgetary effects of repealing President Obama’s healthcare law — the first full analysis since after the Supreme Court’s 2012 decision on the law.
According to the CBO, the healthcare law will spend $1.7 trillion between 2016-25 on expanding insurance coverage through Medicaid and the law’s exchanges. But this will be more than offset by Medicare cuts and tax hikes totaling $1.2 trillion.
Obamacare raises taxes on insurance, medical devices, investment income and drugs, among other things.
The CBO said, thus, that repealing the law would increase deficits.
