Reid’s Faux Care Bill Creates $370b+ in New Taxes

Well? You didn’t just think that the money for all of this was going to come from MAGIC, did you? Reid’s senate health bill:

In order to pay for a massive health care bill (H.R. 3590), Majority Leader Harry Reid (D-NV) creates a host of new taxes. These taxes will total $370.2 billion in the next ten years, and many of the taxes will start being collected in 2010, even as the economy continues to struggle.

The most shocking tax increase is a payroll tax increase that will permanently sever the link between the Medicare Payroll tax and its contributions to Medicare. This payroll tax increase of .5% on earnings above $200,000 for singles and $250,000 for joint couples will contribute money to the general fund for health care instead of directly for Medicare payments.

This change means that Medicare taxes are no longer solely dedicated to social insurance and safeguarding Medicare. Instead, Medicare payroll taxes will be used for other government programs.