Harry Reid unveiled his $849 billion health-care bill tonight. It weighs in at 2,074 pages. Keith Hennessey runs through the tax hikes in the bill:
The following is from the Joint Tax Committee estimate of the revenue effects of the Reid bill. I have listed provisions with major revenue effects (+$20 B / 10 years) and a few others that have significant policy or political impacts. There are some smaller changes as well, which you can see for yourself in the 3-page document. All revenue figures are revenues raised over the ten-year period 2010-2019.
1. 40% excise tax on health coverage in excess of $8,500 (individuals) / $23,000 (families). Amounts are indexed for inflation by CPI-U + 1% – begins in 2013 – $149 B tax increase
2. Additional 0.5% Medicare (Hospital Insurance) tax on wages in excess of $200,000 ($250,000 for joint filers) – begins in 2013 – $54 B tax increase
3. Impose annual fee on manufacturers and importers of branded drugs – begins in 2010 – $22 B tax increases
4. Impose annual fee on manufacturers and importers of certain medical devices – begins in 2010 – $19 B tax increase
5. Cut in half (to $500K) the amount of an executive’s compensation that a health plan can deduct from its corporate income taxes – begins in 2013 – $600 million tax increase
6. Impose 5% excise tax on cosmetic surgery and similar procedures – begins for surgery in 2010 – $6 B tax increase!
In total the bill would raise taxes by $370 B over ten years.
Analysis on the tax hikes from Hennessey at the link. Reid has decided to raise the Medicare payroll tax on individuals making more than $106,800; perhaps not the smartest way to boost employment.
The CBO report says the bill would save $127 billion over 10 years--but as Allahpundit notes "$127 billion over 10 years sounds like a lot until you remember that $176 billion was October’s monthly deficit." We still haven't gotten a look at the CBO report to see just how bad the Medicare cuts will be [Update: The CBO (download here) reports Medicare will be cut by $491 billion over 10 years], but tell grandma and grandpa not to worry: Under this bill they'll get $500 in 2010 when Harry Reid just so happens to be up for reelection.
The bill also allows taxpayer-funding for abortions through the public health insurance plan and the health insurance exchanges; the language is similar to the Capps amendment that tried to conceal federal funding of abortion through an accounting gimmick (see here). National Right to Life Committee calls the amendment "completely unacceptable."
Senator Mitch McConnell said in a statement: “This bill has been behind closed doors for weeks. Now, it’s America’s turn, and this will not be a short debate. Higher premiums, tax increases and Medicare cuts to pay for more government—the American people know that is not reform.”
Posted by John McCormack on November 18, 2009 10:59 PM – The Weekly Standard: The Blog
And if we let them take this monstosity to Conference… in other words, proceed… it will then be loaded up with whatever horrors are in the Pelosi verson before the final vote… but we won’t get to read it again.
For God Sake America… Stand up and Stop This… Hasn’t TARP, the Stimulus Bill, The GM…Bank…and AIG bailouts, the disastrous recovery programs and etc etc been enough to warn us?? We are out of time to wait and see…!!
Please Read the Bill Posted online and then Contact your Senator, the moderates on both sides and all the Democratic Senators… especially the Blue Dogs and known teeterers.
United States Capitol switchboard at (202) 224-3121
ObamaCare will make things worse for everyone… It has nothing to do with healthcare reform… it is one of the major steps in the Obama Administration’s Redistribution of Wealth Plan!!
The time to stand up is now… If the Senate Version of the ObamaCare Bill Passes the Vote this Saturday… the vote to take the next step… it will be ‘almost impossible’ to stop it… and the America you know will change forever!!
Please wake-up, stand-up and fight America… Please!!
Related:
Will HarryCare Pass?? - The Process – See Video
Read Harry Reid's Health Care Bill Here (PDF)
GOP Leaders Denounce Democrats' Medicare 'Doc Fix'
Senate Health Care Bill Mandates Federally Subsidized Abortion
American Spectator: 'HarryCare' Is a Rotten Deal
Senate on Brink of Historic Health Care Battle
Senate Health Care Bill Diverges From House on Key Provisions
Senate Health Bill Penalizes Hawaii
Lieberman Slams Public Option, Shrugs Off Critics
What We Know About the Senate Health Care Plan
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