Apropos to the looming tax day, Sheldon Richman discusses the tax implications of Obamacare:
Now that President Obama’s health-insurance overhaul has become law, we can brace ourselves for the new taxes. What new taxes? Aren’t they only on the “rich” and on large companies?….
[T]hose are not the taxes I am not referring to when I say we should brace ourselves. The taxes I mean are the implicit taxes that ObamaCare will impose on most productive people. What’s an implicit tax?….
ObamaCare will tax much of the middle class. Under the new law, everyone everyone will have to buy government-defined medical coverage or have it bought for him by his employer, reducing cash wages. Thus, anyone who would not have bought insurance or would have bought a less-expensive policy will pay an implicit tax.