Major tax increases in the Reid health care bill
Posted on November 18th, 2009 by kbh (K. Hennessey):
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 2009 – $22 B tax increase
4.Impose annual fee on manufacturers and importers of certain medical devices – begins in 2009 – $19 B tax increase
5.Impose annual fee on manufacturers and importers of health insurance plans – begins in 2009 – $60 B tax increase
6.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
7.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.
The original is must-reading if you want any appreciation of the gall of these people:
http://keithhennessey.com/2009/11/18/reid-tax-increases/
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