The Real Cost of Health Care Reform

Tax increases are likely to top $500 billion over 10 years. The enactment of health care reform marked the beginning of one of the biggest tax hikes in American history. And families will pay the price. president Barack Obama signed the reform into law Tuesday and ushered in a massive tax increase for the American people. Democrats touted the plan as a way to reduce the deficit, but a closer inspection by Americans for Tax Reform (ATR) shows a cost in new taxes of more than $500 billion over 10 years. Such numbers will have a chilling effect on an economy that is already struggling. "You can’t take $500 billion out of the economy and not have anybody notice it," said Ryan Ellis, tax policy director at ATR. "There’s going to be quite a lot of pain." Robert Book, senior research fellow at The Heritage Foundation, said nearly all Americans will be affected. "There are a number of taxes in the bill designed to pay for health care," he said. "Most of these taxes are broad-based taxes that apply to pretty much everybody." And that means American families will ultimately pay a steep price. The Congressional Budget Office estimates that insurance premiums for a family of four will increase by $2,100 a year. FOR MORE INFORMATION Don't miss Thursday's Focus on the Family radio broadcast, in which Tom Minnery will discuss the fiscal impact of health care reform. You can also listen to special messages from Tuesday and today. What do pro-life Americans do now that Congress has passed a health care bill that includes federal funding for abortion? Stuart Shepard gets insights from Tom Minnery on what to do next.