President Obama wants to limit the amount some of us must pay for premiums. I found a chart with a 2006/2007 date from which I took some numbers representing families at various income levels. I applied those numbers to the income levels the prez wants to help. The prez picked a percentage rate which determines the maximum amount that family should pay. The remainder is paid for the by other Americans.
For the calculations below, the first number is the no. of families in that group. The $14,000 is the average cost of a policy. The next number is the mid-range of the income level.
- 18.5 million X (14,000 - (25,500 X 2%)) = 249,565,000,000
- 8.0 million X (14,000 - (31,000 X 3%)) = 104,560,000,000
- 6.0 million X (14,000 - (38,500 X 4%)) = 74,760,000,000
- 7.0 million X (14,000 - (49,500 X 6.3%)) = 76,170,500,000
- 6.0 million X (14,000 - (60,500 X 9.0%)) = 51,330,000,000
I stopped at the upper income limit of $66,000. That totals $556,385,500,000. Yep, that's half a trillion!!
And that's just for the premiums. Then there are the out of pocket costs which must be limited. I can't calculate that.
Then there are the tax credits for small businesses. I can't calculate that either.
Where's the money coming from? Well, since insurance companies will have 30 million new customers, they will be hit with additional assessments. Drug companies will have higher revenues because of several clauses, so they will be assessed more. And then there's the medical device companies who will be assessed. (Notice I avoid the word "tax" here.)
High income earners will be "taxed" more (5.4%).
And if you have a high income with a lot of interest, dividends, rents and royalties, those will have a special tax (2.9%).
Fair/fairness appear 6 times in the President's 11 pages. Fair/unfair appear 35 times in the Pelosi bill.
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