It’s full steam ahead for ObamaCare — the radical health-care “reform” pack age that Congressional Democrats are trying to steamroll to passage by the end of the summer. And now America is beginning to learn how much it will cost — and who’ll pay the tab.
* How much? Somewhere between $600 billion and $1.5 trillion, depending on whether the Senate or House version ultimately is adopted.
* Who pays? You. In cash, for sure — and maybe with your job, too.
Indeed, an analysis by the watchdog Tax Foundation shows that the top combined federal and state income-tax rate in 39 states would exceed 50 percent under the House version.
For New York state taxpayers, the top rate would hit 56.92 percent, third-highest in the nation. And in the five boroughs, the top rate would be 58.68 per cent — highest in the nation.
Having abandoned any notion of lightening the load with spending cuts, House Democrats have put forward a 1,000-plus-page proposal dripping with new taxes, surcharges and fees.
The biggest losers? Small businesses — companies with as few as five employees, who’ll have to pay a penalty of up to 8 percent of income unless they provide their workers with health insurance.
Now, these are the same businesses the administration thinks will hire workers laid off during the recession. But why would they do that if Washington effectively imposes a hiring tax?
The House plan also foresees higher taxes on households earning a joint adjusted gross income of $350,000 or more, the people who already pay the most taxes. Those rates would soar even higher if ObamaCare fails to reach its target in health-care savings.
And anyone who doesn’t carry health insurance, regardless of income, would have to pay a penalty of about 2.5 percent of gross income.
Forget for a moment the detailed expert analyses that forecast strict federal restrictions on the type of medical care most Americans will be able to receive under Obama’s “reform.”
The two Democratic proposals, plain and simple, are budget-busters, saddling taxpayers with yet more long-term debt without any reasonable explanation of how it can possibly be paid for — short of more and more tax increases.
And at a time when the federal government already has taken an ownership stake in auto companies, banks and mortgage companies, Democrats now want to empower Washington to decide when and where Americans get medical care.
And they’re racing the calendar, too.
Senate Majority Leader Harry Reid wants floor debate on the Senate bill, which was approved by the Health Committee on a party-line vote, to begin a week from Monday.
“Time is a-wasting,” complains White House political strategist David Axelrod. He says Obama is prepared to abandon efforts at reaching a bipartisan bill, passing one solely with Democratic support.
Bad idea. Very bad idea.