According to the Congressional Budget Office, $507 billion of that $829 billion price tag will be covered by NEW federal taxes and fees.
The health-care bill that the Senate Finance Committee will vote on today will cost a total of $829 billion over 10 years, with $507 billion of that cost being covered by new federal taxes and fees, according to the Congressional Budget Office (CBO).
On Oct. 7, the CBO released a report on the budget impact of the “chairman’s mark” summary of the bill that the Finance Committee is set to vote on today. Based on the document it was given, the CBO found that the bill would reduce the federal budget deficit by $81 billion over 10 years. That estimate was based on the calculation that, if enacted, the bill would bring in $480 billion in new tax revenues and $27 billion in fees.
These new taxes and fees include:
— $201 billion in new taxes on high-premium health care plans.
— $83 billion in new taxes paid by workers who will receive less employer-sponsored coverage or lose that coverage altogether but will be compensated with higher wages or monetary benefits, which are taxable.
— $23 billion in penalty fees paid by employers who do not comply with the federal insurance mandate.
— $4 billion in penalty fees paid by individuals who don’t have health insurance.
— $16 billion in new income and Medicare payroll tax revenue due to changes in Medicare.
— $180 billion in other tax revenues items calculated by the non-partisan Joint Committee on Taxation (JCT).
According to the JCT, this $180 billion in new taxes would include: A new tax on prescription drug makers that would account for $22.2 billion over 10 years; a new tax on medical device manufacturers that would bring in $38.6 billion; and a new annual tax on insurance companies would net the government $60.4 billion.
Baucus’s committee plans to cut $123 billion from Medicare Advantage—the program that gives almost one-fourth of seniors private health-insurance options—and will result in lower benefits and some 2.7 million people losing this coverage.
To all you brain dead ObamaCare proponents: Every health care bill the Democrats draw up always includes exorbitant taxation, spending, suppression of choice and competition, and penalties for those who dare to oppose the Party Line.
See a pattern yet?