So-Called Cadillac Tax a "Ticking Time Bomb" (1/4/09)

According to the Congressional Budget Office, the so-called "Cadillac Tax," which is part of the Senate health care reform bill which passed on Christmas Eve, will affect 31 million people within three years of its implementation. The tax is being sold as one that only affects wealthy Americans, but  in reality it would end up taxing millions of middle-class workers whose unions have negotiatied good health insurance benefits.

Columnist Bob Herbert, in a recent New York Times column, calls the tax a "middle class ticking time bomb." Read more about the tax here.