Pelosi Health Care Bill Raises Taxes $730 Billion

November 5, 2009 | Filed Under Anti-Americanism, Barack Obama, Budget, Business, Chicago, Congress, Cook County, Democrats/Leftists, Economy/Finances, Free Trade, Freedom, GOP, Government, Corruption, Health, House of Representatives, Illinois, Liberals, President, Republicans, Senate, Socialism, Society/Culture, State Government, Supreme Court, Taxes, War on Terror, Warner Todd Huston |

-By Warner Todd Huston

From the Mark Kirk Campaign:

On Thursday, I introduced the Medical Rights and Reform Act (H.R. 3970) – a centrist alternative for health care reform that lowers costs and expands coverage without raising taxes.

When Speaker Pelosi unveiled the final version of her government health care bill (H.R. 3962), she told us it cost less than $900 billion. Hours later, the Congressional Budget Office reported the bill would actually cost $1.05 trillion.

Take a look at the following list of tax increases we found inside Speaker Pelosi’s 1,990-page bill — nearly $730 billion in new taxes on individuals and small businesses.

Top Ten Tax Increases Included In H.R. 3962

1. SMALL BUSINESS SURTAX (Sec. 551, p. 336): $460.5 BILLION

2. EMPLOYER MANDATE TAX (Secs. 511-512, p. 308): $135.0 BILLION

3. INDIVIDUAL MANDATE TAX (Sec. 501, p. 296): $33.0 BILLION

4. MEDICAL DEVICE TAX (Sec. 552, p. 339): $20.0 BILLION

5. $2,500 ANNUAL CAP ON FLEXIBLE SPENDING ACCOUNTS (FSAs) (Sec. 532, p. 325): $13.3 BILLION

6. PROHIBITION ON PRE-TAX PURCHASES OF OVER-THE-COUNTER DRUGS THROUGH HEALTH SAVINGS ACCOUNTS (HSAs), FSAs, AND HEALTH REIMBURSEMENT ARRANGEMENTS (HRAs) (Sec. 531, p. 324): $5.0 BILLION

7. TAX ON HEALTH INSURANCE POLICIES TO FUND COMPARITIVE EFFECTIVENESS RESEARCH TRUST FUND (Sec. 1802, p. 1162): $2.0 BILLION

8. 20% PENALTY ON CERTAIN HSA DISTRIBUTIONS (Sec. 533, p. 326): $1.3 BILLION

9. OTHER TAX HIKES AND INCREASED COMPLIANCE COSTS ON U.S. JOB CREATORS: $56.4 BILLION

IRS reporting on payments to certain businesses (Sec. 553, p. 344): $17.1 BILLION
Delay implementation of worldwide interest allocation rules (Sec. 554, p. 345): $26.1 BILLION
Override U.S. treaties on certain payments by “insourcing” business (Sec. 561, p. 346): $7.5 BILLION
Codify economic substance doctrine and impose penalties (Sec. 562, p. 349): $5.7 BILLION

10. OTHER REVENUE-RAISING PROVISIONS: $3.0 BILLION

TOTAL TAX INCREASES: $729.5 BILLION
(Sources: Joint Committee on Taxation, Congressional Budget Office)
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Warner Todd Huston is a Chicago based freelance writer, has been writing opinion editorials and social criticism since early 2001 and is featured on many websites such as RightWingNews.com, CanadaFreePress.com, StoptheACLU.com, TheRealityCheck.org, RedState.com, Human Events Magazine, AmericanDailyReview.com, and the New Media Journal, among many, many others. Additionally, he has been a frequent guest on talk-radio programs to discuss his opinion editorials and current events and is currently the co-host of “Life, Liberty, and the Pursuit of Conservatism” heard on BlogTalkRadio. Warner is also the editor of the Cook County Page for RedCounty.com.

He has also written for several history magazines and appears in the new book “Americans on Politics, Policy and Pop Culture” which can be purchased on amazon.com. He is also the owner and operator of PubliusForum.com. Feel free to contact him with any comments or questions : EMAIL Warner Todd Huston

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