Loading ...
Sorry, an error occurred while loading the content.

Off topic - Healthcare bill to raise our taxes big time

Expand Messages
  • suesarkis@aol.com
    Senate Health Bill Would Up Costs for Millions in Middle Class, Analysis Finds A nonpartisan study is casting new doubt on President Obama s campaign pledge
    Message 1 of 1 , Mar 13, 2010
    • 0 Attachment
      Senate Health Bill Would Up Costs for Millions in Middle Class, Analysis
      Finds

      A nonpartisan study is casting new doubt on President Obama's campaign
      pledge not to raise taxes on the middle class.

      The Senate health care bill crucial to saving President Obama's signature
      domestic initiative will hit the wallets of a quarter of all Americans
      making less than $200,000 per year, according to an analysis by the nonpartisan
      Joint Tax Committee that assessed the way the bill would hit taxpayers
      directly through new taxes and fees and indirectly through taxes levied on
      health care providers and passed on to consumers.

      The committee also determined that the bill would subsidized insurance
      premiums for 7 percent of taxpayers -- about 13 million people -- while some 73
      million people would face higher costs from the new fees and taxes.

      The potential tax increases in the bill could pose significant problems for
      the president as he makes his final push for health care reform because he
      promised to protect middle-class Americans from any tax hikes. Republicans
      already are pouncing on the committee's analysis.

      "For every family that gets some benefit from this program, in other words,
      a premium subsidy, three families are going to get a tax increase and
      those three families obviously include the bulk of people you'd call middle
      class America," Sen. Chuck Grassley, R-Iowa, told Fox News.

      Democratic leaders are scrambling to gather enough votes to pass the bill
      in the House later this month so that changes House members want can be
      added in the Senate through reconciliation, an unusual tactic that allows a
      simple majority in the Senate to counteract a filibuster by the minority. The
      steps are part of Obama's final push to pass a comprehensive health care
      reform bill.

      The analysis comes as the Congressional Budget Office updated its cost
      tally of the Senate bill, estimating that the last-minute changes made to the
      bill before it was passed Christmas Eve upped the price to $875 billion,
      from $871 billion. The CBO also estimates that the bill would reduce the
      federal deficit by $118 billion over a 10 year period, revised down from $132
      billion.

      But the projection could be undermined by future spending needed to
      administer parts of the bill, including up to $10 billion for the IRS, up to $20
      billion for Health and Human Services and up to $50 billion for "grant
      programs and other provisions."

      The new analysis highlighting the tax burdens of the Senate bill could
      undercut the president's push.

      There's a long list of taxes in the Senate bill, including some paid
      directly by consumers. Other taxes are on providers who will simply pass it on
      to consumers.

      "It has imposed a lot of taxes and fees on the drug companies, on the
      medical device manufacturers, on the insurance companies," said economist Doug
      Holtz Eakin. "All of that is going to show up in higher sticker prices for
      those that have health insurance."

      And then there is the proposed tax on high-cost insurance plans, which was
      pushed back but will result in significantly higher tax payments by tens of
      millions of Americans who have generous insurance plans through their
      workplace.

      Also, there would be a brand new Medicare tax on dividends and capital
      gains, which haven't been taxed before.




      [Non-text portions of this message have been removed]
    Your message has been successfully submitted and would be delivered to recipients shortly.