GOP: Obama health law will raise taxes $4 trillion over 25 years

Congressional Republicans say President Obama’s healthcare law will raise taxes by $4 trillion over the next 25 years.

The Joint Economic Committee (JEC) used Tuesday to highlight a report in which it says the health law’s total tax bill will be higher than what Obama has estimated. The law includes several new taxes, including fees on drug companies, tanning beds and high-value insurance policies.

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The Congressional Budget Office has said the law will raise taxes by $800 billion over the next 10 years. Extrapolating CBO’s numbers, the JEC said the tax hikes will total about $4 trillion over the next 25 years.

The numbers will grow over time because of how the taxes are designed, the JEC said. For example, it said an income tax on people making more than $200,000 per year is not indexed to inflation — meaning it will stay at $200,000 even as that amount becomes less valuable.

CBO does not usually make projections for specific legislation outside of a 10-year window, though it has said generally that it expects the healthcare law to reduce the deficit over a 20-year period.