>Congressional tax experts say Senate health care legislation would impose a whopping $29 billion more in additional taxes on health care industries than originally thought. Additional taxes would be passed down to the consumers through higher health insurance premiums.
The Joint Committee on Taxation says drug companies, medical device manufacturers and insurers would pay $121 billion over 10 years as a result of taxes in the Senate Finance Committee bill.
Originally the tax bill for the Senate “Health care Reform” was $92 billion in additional taxes.
The tax experts said the reason for the change is that the companies won’t be able to deduct the fees from their corporate income taxes.
The new numbers come Tuesday as the Finance Committee is preparing to vote on the bill and could bolster GOP arguments that it contains too many new taxes.
the Ridgewood Blog Staff
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