July 1st, 2009
08:30 AM ET
5 years ago

CNNMoney.com: Why taxes will need to go up

NEW YORK (CNNMoney.com) – The promise of health reform is to make care more accessible for everybody - and to reduce the federal deficit by slowing the growth rate in costs.

But the promise of deficit reduction through health reform might be overstated.

Here's why: Even if reform works well, the cost savings will not be nearly enough to tackle the debt ogre breathing down Uncle Sam's neck.

"Ultimately, the long-term budget outlook will necessitate serious tax and spending changes," says the Committee for a Responsible Federal Budget, which is led by tax and budget experts from the left and the right.

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Filed under: CNNMoney.com • Health care
soundoff (7 Responses)
  1. Dave

    I support tax increases.
    I believe we have a responsibility to our fellow human beings – regardless of the anecdotes of GOP of "welfare cheats." A few cheats doesn't change our collective responsibility.

    July 1, 2009 12:16 pm at 12:16 pm |
  2. Legna

    How many times are promises going to b broken. Taxing is only going to increase unrmployment and will overall reduce tax revenues. Please everyone WAKE UP , before its too late...News media needs to start questioning these nuts.

    July 1, 2009 12:19 pm at 12:19 pm |
  3. Bob in Pa

    Why is it the only thing that doesn't get more efficient with time is our system of Government ? Technology allows us to get more done with less effort every day, why don't we expect the same of Washington. Each year we should be paying less in taxes not more.

    July 1, 2009 12:22 pm at 12:22 pm |
  4. Scott, Tucson

    Seems our politicians believes that we Americans have nothing better to do than to turn over our hard earn income over to them. I guess they're in their own little dream world in D.C. and have forgotten that this country is in the midst of a deep recession, they really do need to get out more and see what's going on.

    People's salaries are not rising to meet this added burden on our budgets, many are taking deep pay cuts just to hold onto their jobs and our President and Congress can think of nothing better to do than to tax us higher...SHAME on them!

    July 1, 2009 12:46 pm at 12:46 pm |
  5. RI Moderate

    The tax increases have already started! Guv plans to tax health care benefits – in other words those who already pay alot for health care will need to carry the load for those who don't.

    Just wait till means testing of social security happens. It's coming – count on it! One more way those who have worked hard and made good decisions will have to pay and pay and pay untill we are all the same as those who didn't work hard and made bad decisions!

    Here's a better approach to health care:
    Cap malpractice lawsuits (B.O. and dems will never do)

    Standardize insurance forms, claims and pay-outs for conditions (Repubs and insurance companies don't want). This would also make health insurance PORTABLE and more affordable so that many others could buy in.

    How can anyone think that the government can efficiently run anything? Are you kidding?

    July 1, 2009 12:49 pm at 12:49 pm |
  6. DavidinCA

    Since January 20th the government has been spending this country into the dirt using every excuse possible. It continues and it will keep increasing as long as they can get away with it. When do they become accountable? As it stands, we are probably looking at tax rates of 50% or more in a few years just to break even. This has to change.

    July 1, 2009 12:52 pm at 12:52 pm |
  7. Hugo

    Taxes need to increase so that the average responsible working joe that still has a job can pay for the over burdensome local, state and federal government employees paychecks and benefits. It doesn't matter that he or she may not have had a pay increase in the last two years or that he or she may have had their benefits cut by their employer so as not be laid off, those highly skilled and productive government employees need those raises and pension funds made whole. The Obama plan is simple, crush the economy while expanding government, before you know it, total control or total chaos. Don't worry you wont be fired as a government employee for not working, you see there is no real work product or accountability for your service. If all else fails, you can write a book about the horrible and oppressive American society for the sheep to read. Golly, I guess if I can become sleazy enough only then could I aspire to be half the man Obama is!

    July 1, 2009 12:53 pm at 12:53 pm |