CBO: Obamacare will shrink workforce 2 million by 2025

Obamacare will result in 2 million fewer people working in 2025, the nonpartisan Congressional Budget Office estimated Monday.

The budget office, which provides projections about the costs and effects of legislation for Congress, said that the bulk of that reduction in workforce would be due to added taxes contained in the law, including "implicit" taxes placed on people who would lose benefits if they worked more under the law.

Under the Affordable Care Act, "some people would choose to work fewer hours; others would leave the labor force entirely or remain unemployed for longer than they otherwise would," the working paper published by the budget office says.

The estimate of 2 million fewer people in the labor force by 2025 is smaller than previous projections from the budget office. In the past, it has estimated that the number could be as high as 2.5 million.

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