NYT: The Healthcare Bill Is A Gigantic Wealth Redistribution Scheme

Barack Obama signature

Photo: The White House

That’s how the paper’s ace economics writer David Leonhardt sees it.In a piece explaining how the reform bill is Obama’s gigantic attack on wealth inequality, Leonhardt makes the the following points.

  • A huge chunk of the revenue comes from payroll taxes on households making over $250,000/year.
  • If you make a $1 million/year, your taxes go up by about $46,000.
  • If you’re a family of four making over $88,200 (4x the poverty level) there are basically no benefits for you.
  • And of course the obvious, this reverses the trend of fewer and fewer folks having insurance.

But… there is actually one big benefit to the wealthy, which Leonhardt points out, which is that before, even the wealthy had to worry about losing their health insurance for whatever reason. As some health policy analysts put it, prior to this, there was no insurance for insurance. Now there is.

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