By Warner Todd Huston ——Bio and Archives--November 5, 2009
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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
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’s thoughtful commentary, sometimes irreverent often historically based, is featured on many websites such as Breitbart.com, among many, many others. He has also written for several history magazines, has appeared on numerous TV and radio shows.
He is also the owner and operator of Publius’ Forum.