The Baucus "Big, Big Tax" on the Middle Class
Hey Blue Dogs, you really want to jump in on this middle class tax increase known as the Baucus bill?
The Baucus proposal would impose, starting in 2013, a 35 percent excise tax on insurance companies for "high-cost plans" -- defined as those above $8,000 for individuals and $21,000 for family plans....
The tax contemplated by Baucus is also a big revenue raiser. It is expected to raise $200 billion, money that Baucus is hoping to use to pay for subsidies for the uninsured.
Given how much money this kind of tax can raise, Rockefeller says he understands why it is "tempting."
The West Virginia Democrat worries, however, that a lot of middle class workers, like the coal miners in his state, will end up facing "a big, big tax" under the Baucus bill because they currently enjoy generous employer-provided health care benefits which they receive tax free.