Surprise: Democrat Health Care Bill Will Cost $29 Billion More In New Taxes Than Previously Thought

$121 billion in total in new taxes are now being proposed for drug companies, medical device manufacturers and insurers.

WASHINGTON — Congressional tax experts say Senate health care legislation would impose $29 billion more in taxes on health care industries than originally thought.
The Joint Committee on Taxation says drug companies, medical device manufacturers and insurers would pay $121 billion over 10 years as a result of taxes in the Senate Finance Committee bill.
That’s compared with $92 billion originally calculated.

There are a couple of problems here beyond tax hikes that will further stagnate economic growth in our economy.
First, Democrats are targeting these tax hikes pretty narrowly to preserve the notion among Americans that someone else is going to pay for all this wonderful health care reform. The problem? Those who use the most health care are also those who use the most prescription drugs, medical devices and insurance. New taxes on those industries will drive up the cost of the goods and services provided by those industries. Meaning that the government solution to make health care cheaper will actually make it more expensive with taxes on the things unhealthy people buy the most.
Stupid, no?
Second, if we’re all going to get this wonderful health care reform then why wouldn’t we all pay the taxes to pay for it? Why target a select few unlucky industries to pay for health care reform for the rest of us? It’s because the Democrats can’t sell their oh-so-wonderful health care reform if it comes with a bill. The only way they can lure Americans into becoming more dependent on the government for their health care is to sell them on the idea that someone else will pay for it.
Of course, as I already pointed out, we will stay pay for it in higher taxes on the things sick people use the most: Prescription drugs, medical devices and insurance. We just won’t pay directly, allowing Democrats to create the perception that this will all be free.
And in politics, perception is more important than reality.