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-- there is little reported progress in budget negotiations.
Health care has not so far been a major issue in the fiscal cliff talks in -- But chief national correspondent Jim Angle tells us tonight now that President Obama has won reelection and obamacare kicks in.
The economy is about to feel the effects.
Starting January 1 the Obama administration will raise taxes far more than just eliminating the bush tax cuts for the top brackets.
The new health care law will raise taxes of its own an additional 318.
Billion over ten years.
Including a new three point 8% tax on investment income.
-- many reduced deductions for those of all income.
This is not an inconsequential thing.
You're imposing such a big tax increase in the midst of a very slow economy.
Those affected most will be small businesses and video which -- -- the individual right and get a double whammy with the simultaneous into the bush tax cuts.
And tax increases under obamacare almost -- 60%.
Increase in taxes on investment.
Font for Norris with small businesses a certain number workers now they're going to be facing -- 4510.
Percentage point increase in there tax liabilities.
That means they're just I have less income to invest in their firms for some small businesses it can be a bit of -- hardship for other small businesses they're just gonna go on doing what they're doing.
In fact it may be much cheaper for small businesses to -- a 2000 dollar fine -- not offer insurance.
And let their employees go on the taxpayer subsidized exchanges instead what you're supposed to be ready in October 2013.
Those new obamacare taxes will be a major source of money for rather generous taxpayer subsidy.
For subsidies are going to be you know depending on your income 1012151000.
Dollars which is a lot of taxpayers' support.
Much higher it's an important to understand.
-- this support that someone gets that they stay in an employer plan today.
And a huge expense for tax payers many businesses -- waiting for federal instructions on what they must include insurance plans.
But -- have three new coverage before they get them.
Some of them are -- -- have.
Renewals in the spring some will be in the summer some in the fall so the clock is ticking down.
So this is good giant experiment for individuals and small businesses and experiment and -- health care and the federal finances one whose outcome.
Even supporters archer had a predict.
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