From the Senate Communications Center:
The American People Are Stuck With Tax Increases While Insurance Companies Take $400 Billion In Direct Payments
PRESIDENT OBAMA: “We Can't Have A System That Works Better For The Insurance Companies Than It Does For The American People.” (President Obama, Remarks, 3/8/10)
DEMOCRAT BILL: $400 BILLION GOES “DIRECTLY” TO INSURANCE COMPANIES
SENATE BILL: “The Secretary Of The Treasury Shall Make The Advance Payment Under This Section Of Any Premium Tax Credit … To The Issuer Of A Qualified Health Plan On A Monthly Basis…” “PREMIUM TAX CREDIT.— (A) IN GENERAL.—The Secretary of the Treasury shall make the advance payment under this section of any premium tax credit allowed under section 36B of the Internal Revenue Code of 1986 to the issuer of a qualified health plan on a monthly basis…” (H.R. 3590 As Passed By The Senate, “Patient Protection And Affordable Care Act,” P. 291)
SENATE FINANCE COMMITTEE EXPLANATION: “The Premium Tax Credit” Is “Payable In Advance Directly To The Insurer.” “The Committee Bill provides a refundable tax credit for eligible individuals and families who purchase health insurance through the state exchanges. The premium tax credit, which is refundable and payable in advance directly to the insurer, subsidizes the purchase of certain health insurance plans through the state exchanges.” (“America’s Healthy Future Act Of 2009,” Senate Finance Committee Report, P.37, 10/19/09)
DEMOCRAT BILL: A HALF TRILLION DOLLARS IN TAX INCREASES FOR THE AMERICAN PEOPLE
$518.5 BILLION IN GROSS TAX INCREASES IN REID BILL (Senate Finance Committee Minority Staff Review Of JCT And CBO Cost Estimates, 12/19/09)
$43 BILLION IN NEW TAXES & FINES LEVIED ON INDIVIDUALS AND BUSINESSES
“Penalty Payments By Employers And Uninsured Individuals… 2010-2019… 43 [Billion Dollars].” (CBO Director Doug Elmendorf, Letter To Sen. Harry Reid, 12/19/09, P. 6)
THOMAS BARTHOLD, JOINT COMMITTEE ON TAXATION CHIEF OF STAFF: “But To The Extent That, Yes, We Think That Some People Would Be Subject To The Penalty Excise Tax When Everything Shakes Out, We Would Expect That Some Would Have Incomes Less Than $200,000.” (Finance Committee, U.S. Senate, Hearing, 9/22/09)
$87 BILLION MEDICARE PAYROLL TAX
“Additional Hospital Insurance Tax… 2010-2019… 87 [Billion Dollars].” (CBO Director Doug Elmendorf, Letter To Sen. Harry Reid, 12/19/09, P. 6)
MORE THAN $100 BILLION IN TAXES & FEES ON THE HEALTH CARE INDUSTRY
“Fees On Certain Manufacturers And Insurers… 2010-2019… 101 [Billion Dollars].” (CBO Director Doug Elmendorf, Letter To Sen. Harry Reid, 12/19/09, P. 6)
CBO: “The Legislation Would Impose Several New Fees On Firms In The Health Sector. New Fees Would Be Imposed On Providers Of Health Insurance And On Manufacturers And Importers Of Medical Devices. Both Of Those Fees Would Be Largely Passed Through To Consumers In The Form Of Higher Premiums For Private Coverage. … since large firms are more likely to self-insure, that fee would result in smaller percentage increases in average premiums for large firms than it would for small firms and for nongroup coverage.” (CBO Director Douglas Elmendorf, Letter To Sen. Bayh, P. 15-16, 11/30/09)
SEN. SHERROD BROWN (D-OH): “And Though This Appears To Be A Tax On Insurance Companies, We Shouldn't Be Fooled. Insurance Companies Are Likely To Pass These Costs On To Their Customers, Forcing Employers To Pay Higher Premiums And Encouraging Employers To Cut Or Limit Coverage.” (Sen. Sherrod Brown, Floor Remarks, 12/11/09)
$149 BILLION TAX INCREASE ON PRIVATE HEALTH INSURANCE PLANS
“Excise Tax On High-Premium Plans… 2010-2019… 149 [Billion Dollars].” (CBO Director Doug Elmendorf, Letter To Sen. Harry Reid, 12/19/09, P. 6)