Healthcare Bill Fact of the Day

Senator Baucus's healthcare plan is touted as cheap -- but only via employing bad math. In reality, says Harvard econ prof Greg Mankiw, it would raise the effective marginal income tax rate (state plus Federal) to around 75 percent. So, concludes Jim Capretta, "Obamacare would impose a massive new implicit tax on low-wage households, effectively penalizing the family that tries to do the right thing by working their way into the middle class." Seems to me, we've seen this before: