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CBO: Obamacare levies $1 trillion in new taxes

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President Obama’s health care law raises taxes by $1 trillion, according to a new report from the Congressional Budget Office. The individual mandate — which the CBO calls a “penalty tax,” in apparent deference to Chief Justice John Roberts — will produce $55 billion in “penalty payments by uninsured individuals,” the CBO told House Speaker John Boehner, R-Ohio, in a Tuesday letter. Of course,...

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