Originally published October 6, 2009 at 2:54 PM | Page modified October 6, 2009 at 2:59 PM
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Higher taxes in health care bill
Congressional tax experts say Senate health care legislation would impose $29 billion more in taxes on health care industries than originally thought.
Associated Press Writer
Congressional tax experts say Senate health care legislation would impose $29 billion more in taxes on health care industries than originally thought.
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.
That's compared with $92 billion originally calculated.
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.
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