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15. October 2009 by admin.
Baukus Markup- Senate Bill- GROVER NORQUIST- Cadillac Excise Tax 40% tax increase for middle-class families
From http://www.investors.com/NewsAndAnalysis/Article.aspx?id=508916
By GROVER NORQUIST Posted 10/13/2009 07:03 PM ET
…if the long arm of the IRS will be the agent changing their family’s plan.
Chief Justice John Marshall famously observed that “the power to tax is the power to destroy.” That’s certainly true when it comes to the Senate health care bill, which will use the IRS to change or take away your current health insurance plan.
The most significant tax increase on millions of health insurance plans is the Cadillac excise tax.
If a health insurance plan is offered in a high-cost state and/or provides comprehensive benefits to a usually older work force, the premiums can get pretty high.
Finance Committee Chairman Max Baucus wants to impose a price-control cap on these high-end plans, but couldn’t be that direct about it.
Instead, he used his jurisdictional leverage to propose a 40% excise tax on these plans, to the extent they cost more than $21,000 for a family plan or $8,000 for a single plan.
Read More http://www.investors.com/NewsAndAnalysis/Article.aspx?id=508916
By GROVER NORQUIST Posted 10/13/2009 07:03 PM ET
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