Yesterday, Senator Bob Menendez said the massive health care overhaul he voted for was "far from a tax increase" actually calling it a "tax cut." Really, Senator?
Senator Joe Kyrillos is calling on Menendez to end his continued assault on New Jersey families and his support for the largest tax increase in 20 years.
"Bob Menendez thinks the largest and most obscene tax increase in the last 20 years is a tax cut. Clearly, Bob Menendez has been in Washington so long and voted in favor of higher taxes so much that he can no longer tell the difference. This is bad policy and a massive tax increase on New Jersey families and businesses that will kill economic growth and job creation.
"This is a fundamental difference between Sen. Menendez and me. I don't believe that a tax increase on New Jersey's families is reform. He does. I believe it's the same old Corzine - Menendez pattern of raising taxes and increasing spending that leaves the bill for future generations. We have seen how that story ends -- it left us nearly bankrupt.
"New Jersey families need jobs and economic security, not higher taxes. They deserve real reform that includes coverage for those with pre-existing conditions, makes healthcare more accessible and affordable, but not a massive, mandatory tax."
In case Senator Menendez needs a clearer definition of what "tax increase" means, we have listed those in the Affordable Care Act below.....
$123 billion - Surtax on Investment Income
$87 billion - Hike in Medicare Payroll Tax
$65 billion - Individual Mandate Excise Tax and Employer Mandate Tax Combined
$60 billion - Tax on Health Insurers
$32 billion - Excise Tax on Comprehensive Health Insurance Plans
$23 billion - "Black liquor" tax hike
$22 billion - Tax on Innovator Drug Companies
$20 billion - Tax on Medical Device Manufacturers
$15 billion - Raise "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI
$13 billion - Flexible Spending Account Cap -- aka "Special Needs Kids Tax"
$5 billion - Medicine Cabinet Tax
$4.5 billion - Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D
$4.5 billion - Codification of the "economic substance doctrine"
$2.7 billion -Tax on Indoor Tanning Services
$1.5 billion - HSA Withdrawal Tax Hike
$.6 billion - $500,000 Annual Executive Compensation Limit for Health Insurance Executives
$.4 billion - Blue Cross/Blue Shield Tax Hike
Minimal - Excise Tax on Charitable Hospitals
Minimal - Employer Reporting of Insurance on W-2
TOTAL - $479.2 billion