First of all, there is no Baucus Bill. This negotiation that came out of meetings between Baucus and the rest of the Senate Finance Committee has no legislative language as of yet. It is simply a plan. And it will, without a doubt, morph several times before it comes to the Senate floor for a vote. And yet, the Congressional Budget Office was required to issue a report on the financial aspects of the Baucus Plan. The CBO report, which was released yesterday, has the Democrats elated. The report maintains that the deficit will be reduced in 10 years under the Baucus plan. The total cost will be $829 billion and lower the deficit by $81 billion. It is the fine print of the report and the Baucus Plan that everyone needs to pay attention to and read carefully.
It is the taxes levied in this plan that will bring in the revenue to reduce the deficit. Taxes that you and I will pay. Taxes on the middle class as well as the rich. Michael Tanner of the CATO Institute wrote:
The bill imposes a 40 percent excise tax on health-insurance plans that offer benefits in excess of $8,000 for an individual plan and $21,000 for a family plan. Insurers would almost certainly pass this tax on to consumers via higher premiums. As inflation pushes insurance premiums higher in coming years, more and more middle-class families would find themselves caught up in the tax.
In fact, overall, the tax increases in the bill are more than double the amount of deficit reduction. This isn’t a health care efficiency bill or a cost containment bill. It is a tax and spend bill, pure and simple.
How do you like those savings now? This plan is just more of the same crap. And 25 million people will still be left uninsured under this plan. They will provide some of the revenue when they pay their fines for not obtaining insurance. And the CBO has fallen under scrutiny from the right after it came to light that the head of the CBO was called to the White House for a secret meeting with the President. The non-partisan office may not be so non-partisan anymore.