Writing in the New York Sun, Ira Stoll argues that it is.

He takes issue with various defenders of Obama’s megastate, who think it’s important to show that it isn’t the largest tax increase ever. That strikes me as a tempest in a teapot. Whether it is the largest or only one of the largest tax increases doesn’t really matter. What matters is that this legislative monstrosity is going to drain significantly more out of the private sector so the federal government can grow.