Top Line Numbers:
- Gross Total Spending: $1.2 Trillion
- Medicare Cuts: $523.5 Billion
- $202 Billion from Medicare Advantage
- At least 4.8 million fewer seniors will receive Medicare Advantage benefits
- Tax Hikes: $569.2 Billion
10 Years of Taxes, Six Years of Spending:
- The bill raises $60 billion in taxes before any of the major benefits go into effect.
- Democrats are promising to pass a doc fix bill that could cost at least $371 billion, after they pass this bill.
- Democrats rely on new Social Security revenue and new Medicare taxes and cuts to achieve the appearance of deficit reduction, but these funds are meant to pay Social Security & Medicare benefits, not fund a new entitlement. If you remove the Medicare double counting, the bill increases the deficit by $260 billion.
Massive Tax Increases on Job Creators & Investors:
- 20% Income Tax Hike: Currently, the top marginal Federal tax rate on earned income is 37.9% (35% income tax + 2.9% Medicare tax). After the health care bill is implemented and Congress lets the tax cuts expire, the top Federal tax rate on earned income will be 45.4% (39.6% income tax + 3.8% Medicare tax + 2% exemption phase-out).
- 37% Investment Tax Hike: Currently, the top rate on Capital Gains and Dividends is 15%. After the health care bill is implemented and if Congress adopts the President's Budget, the top rate on Capital Gains and Dividends will be 23.8%. (Note: If current law expires as scheduled, the top rate on dividends will be 43.4% or a 289% increase.)
- Hits Small Businesses: 50% of those in the top tax bracket (all of whom will pay these higher taxes) earn at least 25% of their income from small businesses.
- Triples the employer mandate tax from $750 to $2,000 per employee.