At National Review, Cato’s Michael Tanner writes:
It has largely gone unnoticed amidst the hullabaloo surrounding the fiscal cliff, but regardless of what happens with the cliff negotiations, taxes are going up next year. The president may be calling for $1.6 trillion in tax hikes by 2022 in exchange for not driving the country over the cliff, but that does not count Obamacare, which will impose an additional $1 trillion in new or increased taxes over the next ten years, a big portion of which take effect in 2013. …
If one accounts for all of Obamacare’s costs, such as implementation costs that are “authorized but not appropriated,” and eliminates double counting of Medicare savings and other bookkeeping games, Obamacare will add roughly $1.5 trillion to the debt over the next ten years — coincidentally, almost as much as President Obama is seeking in non-Obamacare tax hikes.
More taxes, more debt: Welcome to the other cliff.
Read the whole article for details on the taxes: Regardless, You’ll Pay More – Michael Tanner – National Review Online.