Harvard University Professor of Economics Greg Mankiw believes that Senator Max Baucus’ healthcare bill will impose a staggering tax on Americans of all income tax levels.

Jim Capretta looks at the Baucus healthcare bill and concludes that, because the subsidies phase out as income rises, it imposes an effective marginal tax rate on income of about 30 percent for many families. Add that figure to the income tax, the payroll tax, and the phase-out of the EITC and “the effective, implicit tax rate for workers between 100 and 200 percent of the federal poverty line would quickly approach 70 percent — not even counting food stamps and housing vouchers.”

Related posts:

  1. House Healthcare Bill Provides for Fines & Jail Time for Uninsured
  2. 2010 Federal Income Tax Rates
  3. To Close Deficit, Federal Income Tax Rates Would Have to Nearly Triple
  4. 13 New Tax Hikes in House Obamacare Bill
  5. Tax Rates Must Increase to 92% to Erase Deficit
  6. Economist & Nobel Laureate Milton Friedman on Government Healthcare
  7. 17 Tax Increases in Senate Health Care Bill = $370.2 Billion
  8. Marginal Federal Income Tax Rates 1911 – 2003
  9. Another Obama Tax Hike
  10. States with the Highest Sales Tax Rates