Should the Senate health plan be passed, the marginal tax rate from JUST the healthcare bill would be 30%. Added to existing marginal tax rates makes the marginal tax rate 80%.
Indeed, Jim seems to understate matters, as he includes only the employee half of the payroll tax. Including both the employee and employer halves, as economic theory says is appropriate, appears to give a marginal tax rate closer to 80%. And, of course, many states impose income and sales taxes as well, and these would further raise the overall marginal tax rate. Jim was doing a rough back-of-the-envelope calculation.
Work hard. They will take it all. When they have it all they will take your time.
The Senate plan manages to combine outrageous taxes with outrageous deficit additions. I knew they could do worse if they tried.