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Medicare Bill Includes Major Tax Increases

November 21, 2003

(Washington, D.C.)—"The proposed Medicare reform bill will create a huge tax increase for working Americans," says Sue Blevins, president of the Institute for Health Freedom. "The prescription drug benefit will increase government spending by $409.8 billion dollars between 2004 and 2013, according to estimates from the Congressional Budget Office, and young taxpayers will have to foot the bill."

In addition to massive increases in direct government spending for the new Medicare prescription drug benefit, the CBO finds that income and payroll taxes are going to be increased by $7.2 billion over the first 10 years. That increase is more than the $6.7 billion in tax breaks for Health Savings Accounts (HSAs) that proponents are touting.

"Citizens concerned about our nation's financial health should take a good look at the Congressional Budget Office's cost estimates for Medicare reform," Blevins stresses. "The bottom line is that the proposed benefits of HSAs will be far outweighed by the incredible new tax burden that damages the economy and imposes an unfair burden on younger Americans."

Source: Institute for Health Freedom news release.