Health care bill a death knoll to U.S.
To all of those who want the public option or single-payer government-run health insurance I must inform you what you're getting into as I don't believe you understand. This health care will not take effect for four years from now. The taxes that will go up will devastate many families and businesses will be collected now and put into a fund that the government will control. Don't forget what they did with the money collected for Social Security years ago - how well did that work out? Once the government-run plan is adopted we will not be able to rid ourselves of it even if it bankrupts our country. It is said that Medicare will be bankrupt by 2018. Name one government-run program that doesn't come in over budget. We now have a $12 trillion debt and if it doesn't go down, hyper inflation will ruin all of our purchasing power in the future. Don't you remember when interest rates were 20 percent plus a few decades ago?
In looking at the bill, here are some of the taxes that will be increased because of this bill: The current top tax rate is 35 percent to go up to 39.6 percent. An income surtax on taxpayers making more than $500,000. An excise tax on health insurance plans that cost more than $8,500 for individuals or $21,000 for families. An excise tax on medical devices such as wheelchairs, breast pumps and syringes used by diabetics. A cap on the exclusion of employer-provided health insurance without offsetting tax cuts. A limit on itemized deductions for taxpayers with an income tax rate of 28 percent or higher. A windfall profits tax on insurance companies. A value-added tax which would tax the value added to a product at each stage of production. An increase in the Medicare portion of the payroll tax to 3.4 percent. An excise tax on sugar-sweetened beverages. Higher taxes on alcoholic beverages. A tax on individuals without acceptable health care coverage of up to 2.5 percent of their adjusted gross income. A limit on contributions to HSAs. An 8 percent tax on all wages paid by employers that do not provide their employees health insurance. Elimination of the deduction for expenses associated with Medicare Part D subsidies. Fees on insured and self-insured health plans. A limit on the Qualified Medical Expense definition. An increase in the payroll taxes on students. An extension of the Medicare payroll tax to all state and local government employees. An increase in taxes on hospitals. An increase in the estate taxes. A 5 percent tax on cosmetic surgery. A tax on drug companies. An increase in the corporate tax on providers of health insurance.
It is hard right now to find a doctor that will take Medicare patients because of the reduced rates received, so what will happen when you go looking for a doctor on the public option? This health bill is a death knoll to America and we cannot afford it.
Jim O'Toole
Libertyville