The chairman of the Senate Finance Committee, Sen. Max Baucus, D-Mont., announced his Health Care Bill on Sept. 16, 2009 and revised it on Monday, Sept. 21, 2009, to address serious concerns from fellow Democrats and a key Republican about insurance costs. The changes came a day ahead of a committee session beginning Tuesday to amend and vote on the bill, which., hopes his panel will approve by the end of the week. The 10-year, $856 billion package would extend coverage to about 29 million Americans who lack it now and institute insurance market reforms, such as prohibiting higher premiums for women or the denial of coverage to sick people. It would make almost everyone buy insurance or pay a fee, give subsidies to the poor to help them buy coverage and create new online exchanges where small businesses and people without government or employer-provided insurance could shop for plans and compare prices. It could be signed in this Fall.
There are 5 Health Care bills propsed in the Congress. The most prevailing is the Sen.Max Baucus's bill.
Here are the highlights of the Baucus's bill: 1) For people with health care coverage though employers: 35% excise tax will be imposed on the health care plans valued at more than $21,000 for a family and $8,000 for an individual on a personal income tax return. 2) $6 billion a year taxes on insures, $2.3 billion annual tax hike for drugmakers, $4 billion tax hike for medical device makers, and $750 million tax hike for clinical labs will be imposed. It will be passed on to customers. 3) Penalties of up to $950 for individuals and $3,800 ($1,900 under new amendment) for families would be imposed on those who don’t get coverage through employers or government. 4) The employer will pay $400 times the total number of workers, when even one employee does participate government provided insurance.
The proposed bill is not finalized. It has room for amendments.
CNN Video:TEA Party Protest at Washington DC, 9/12/2009
Well, at any rate…………….., President Obama promised on Sept. 12, 2008, during his presidential election campaign, "I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes." He repeatedly promised "you will not see any of your taxes increase one single dime."
Earlier this year, he signed a tobacco tax increase to pay for children's health insurance. That can be read as a violation of his expansive campaign promise. The fact that it is imposed on people and they have no choice in paying it, and the fact that it's administered through the tax system, IRS, it will be considered new tax increase no matter how it’s called. From this we can imagine there will be more tax hikes to come to generate $856 billion package for the Health Care Reform Bill.
In the US there is no national insurance like it exists in Japan. The public insurance is provided to the elders and the low income earners only. Although the two thirds of the US population participate private health care insurance, 47 million people, 15 % of the population has no health care insurance. The funding to Medicaid and Madicare will be reduced to half to generate funds for the Health Care Reform.
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