The Wall Street Journal has a very good article about what America’s top marginal tax rates would end up being if Congress and president Obama have it their way with health-care reform.
Mr. Obama’s February budget provided the outline, but the House bill now fills in the details. To wit, tax increases that would take U.S. rates higher even than most of Europe. Yet even those increases aren’t nearly enough to finance the $1 trillion in new spending, which itself is surely a low-ball estimate. Meanwhile, the bill would create a new government health entitlement that will kill private insurance and lead to a government-run system.
And this is even confirmed by CBO:
Then there’s yesterday’s testimony, from Congressional Budget Office (CBO) Director Doug Elmendorf, that ObamaCare’s cost “savings” are an illusion. Mr. Obama claims government can cover more people and pay less to do it. But Mr. Elmendorf told the Senate Finance Committee that “In the legislation that has been reported we don’t see the sort of fundamental changes that would be necessary to reduce the trajectory of federal spending by a significant amount. And on the contrary, the legislation significantly expands the federal responsibility for health-care costs.
Further on the public plan: “It raises the amount of activity that is growing at this unsustainable rate.”