Report: Youth to spend one-third of income on taxes, health care
By T. Kevin Whiteman on March 31, 2014 at 4:42 pm
“I was all for Obamacare until I found out I was paying for it.” — Anonymous California woman.
Despite a steady stream of promises from the Obama administration regarding the amount of money Americans will need to subtract from their take-home pay, Sarah Hurtubise of the Daily Caller reports on a newly released study that reveals that the Affordable Care Act will actually excise a rather sizable chunk from the paychecks of America’s youth.
The report, penned by analyst Scott Gottlieb of the American Enterprise Institute (AIE), claims that the average 30-year-old Illinois resident will be dropping 14% of his monthly income on Obama Care premiums. As a point of comparison, Gottlieb notes:
Pennsylvania had the lowest rates for Obamacare health coverage, with an average annual premium payment of $1,620 for someone who makes $20,000 per year, with a $600 deductible. But making just $5,000 more per year skyrockets the cost up to $2,328 in yearly premiums and a $4,000 deductible.
Gottlieb further points out that residents of Arizona who pull in “$30,000 will spend over 9 percent of their annual income on premiums. That climbs to over 10 percent in Pennsylvania, almost 11 percent in Texas and a whopping 13.64 percent in Illinois.”
Hawking Obamacare as “brosurance” to American youth, Obama has consistently ensured the citizenry that the federalized health care exchange would save upward of $2,500 in premiums costs per family. But an AIE study released in early March showed that costs would do anything but go down. AIE referenced a report by the Congressional Budget Office (CBO) which had noted an increase of $2,100 per family in the nongroup market.
With the federal government beginning to tax gross income starting at 10% and most states withdrawing at least five, the nation’s youth could see upward of a full third of their monthly income financing their health care fix.
In everyday terms that equates to the average 9-to-5, Monday-through-Friday worker relinquishing all of his pay from early Thursday on to the federal coffers.
Read more at http://libertyunyielding.com/2014/03/31/youth-spend-one-third-income-taxes-health-care/#usKAhXFIatHdZrFz.99