Friday, October 28, 2011

Obamacare's Subsidies Remove 8 Million from the Tax Rolls

One of the most perilous developments of recent years has been the rise in the percentage of Americans who pay no income tax. According to the Tax Foundation, 59 million Americans—42 percent of all filers—had zero or even negative income tax liability. Now, anew report from the Joint Committee on Taxation says that, thanks to Obamacare’s exchange subsidies, an additional 8 million Americans will no longer have an income tax liability. If present trends continue, we will soon live in a country where a majority of Americans pay no income tax. This may sound like a good thing, but it’s not. In fact, it’s quite worrisome.