Saturday, June 13, 2009

Tax Hike in ObamaCare Bill


Health-care overhaul legislation being drafted by House Democrats will include $600 billion in tax increases and $400 billion in cuts to Medicare and Medicaid, Ways and Means Committee Chairman Charles Rangel said.

The bill is expected to cost over $1 Trillion in the next decade--$1.5 Trillion if you believe Sen. Hatch--and experience with (D) proposals shows that these are likely 'low side' numbers.

And that may not be the end of tax-increase ideas.

Obama has pledged that health-care changes won’t add to the deficit. To accomplish that, he’s proposed getting about $600 billion by reducing tax deductions available to the wealthy, and by trimming Medicare payments to insurance companies.

That won’t be enough to cover the overhaul costs. Obama said this week he plans in the coming days to disclose more proposals for raising “additional sources of revenue.” In a letter last week to Senate Democrats drafting legislation he said he will be proposing between $200 billion and $300 billion in further Medicare and Medicaid cuts

"Wealthy" is a relative term.

Should be fun to watch the AMA's reaction to Obama when he preaches to them next week.

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