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House Health-Care Proposal Adds $600 Billion in Taxes

Posted By admin On June 13, 2009 @ 5:03 am In Money Watch | Comments Disabled

Laura Litvan
Bloomberg [1]
Saturday, June 12, 2009

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.

Democrats will work on the bill’s details next week as they struggle through “what kind of heartburn” it will cause to agree on how to pay for revamping the health-care system, Rangel, a New York Democrat, said today. The measure’s cost is reaching well beyond the $634 billion President Barack Obama proposed in his budget request to Congress as a 10-year down payment for the policy changes.

Asked whether the cost of a health-care overhaul would be more than $1 trillion over a decade, Rangel said, “the answer is yes.” Some Senate Republicans, including Senator Orrin Hatch of Utah, say the costs will likely exceed $1.5 trillion.

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House Health Care Proposal Adds $600 Billion in Taxes 290509banner [2]

House Democrats plan to release their legislation next week. Obama is working with Congress to get legislation to his desk by October.

Democrats in the House and Senate are crafting legislation that would require all Americans to have health insurance, prohibit insurers from refusing to cover pre-existing conditions and place other restrictions on the industry.

Full article here [1]


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=aqLNecbH0dcg

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] Senate Health Care Bill Dead on Arrival, Pro-Life House Democrats Say: http://www.prisonplanet.com/senate-health-care-bill-dead-on-arrival-pro-life-house-democrats-say.html

[4] House Republicans Move to Dismantle Health-Care Law: http://www.prisonplanet.com/house-republicans-move-to-dismantle-health-care-law.html

[5] House Democrats pass health-care bill: http://www.prisonplanet.com/house-democrats-pass-health-care-bill.html

[6] New Health-Care Taxes Help Obama ‘Spread the Wealth’: http://www.prisonplanet.com/new-health-care-taxes-help-obama-%e2%80%98spread-the-wealth%e2%80%99.html

[7] House Plans to Tax Millionaires to Fund U.S. Health-Care Plan: http://www.prisonplanet.com/house-plans-to-tax-millionaires-to-fund-u-s-health-care-plan.html

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