Official scores of H.R. 3962 (the House Dem health bill) are out from the Congressional Budget Office (spending) and the Joint Committee on Taxation (revenues). A few highlights:
- When the bill is fully phased-in, it will increase spending by approximately $150-$200 billion annually. Put another way, it will add about a percentage point to federal spending as a portion of the economy. Put yet another way, it will increase the historical size of the federal government by about 5 percent
- The bill won’t even come close to universal coverage. The bill reduces the number of the uninsured from 53 million to 18 million. It’s true that 96 percent of legal residents will be covered, but those 18 million uninsured will still be a huge drain on our health system. One would expect that $150 billion to $200 billion per year would get you universal coverage, at the very least
- By far, the largest tax hike will be the 5.4% surtax on millionaires and half-millionaires. Let’s also not forget that this should include about half of all small business earnings in America. It raises taxes by $461 billion in the first ten years
- When the bill is fully phased-in, it will increase net taxes by approximately $200 billion per year. Put another way, it will add about a percentage point to federal taxes as a portion of the economy. Put yet another way, it will increase the historical federal tax burden by about 5.5 percent.