From Heritage Foundation’s The Foundry blog, “Congress vs. The American People“:
Even Higher Deficits: According to the Congressional Budget Office, new entitlement spending in the reconciliation bill would cost $216 billion in 2019 alone and will increase by 8% every year after that. Now, the Democrats will tell you that the CBO has also said their plan raises enough taxes and cuts enough Medicare to pay for this gigantic new entitlement. But the CBO is obligated by law to believe whatever Congress tells them. The American people are not. According to the latest NBC/WSJ poll, 76% of the American people do not trust Congress. That is why, according to the latest CNN poll, 70% of the American people believe Obamacare will cause the federal budget deficit to go up.
Even Higher Taxes on Business: As bad as the employer mandates in the Senate health bill were, the taxes on businesses in the reconciliation bill are even worse. Companies that hire certain low-income Americans will have to pay $3,000 per employee, per year, even if the company offers insurance. And companies that employ 50 or more workers will face higher tax penalties to the tune of $2,000 per full-time employee.
New Taxes on Investments: Investment is what creates job growth. One would think at a time of 9.7% unemployment, the government would not want to increase taxes on investment. Not this leftist government. The reconciliation bill slaps a 3.8% tax on investment income.
In introducing President Obama at the bill signing ceremony, Vice President Joe Biden just quoted Virgil and declared, “The greatest wealth is health….America is wealthier today.” OK. But maybe not as wealthy as tomorrow.
UPDATE (11:43 p.m.): The Greek poet Virgil, that is. He also said in the Aeneid, “Whatever it is, I fear Greeks even when they bring gifts.”