Harry Reid unveiled his $849 billion health-care bill tonight. It weighs in at 2,074 pages. Keith Hennessey runs through the tax hikes in the bill:

The following is from the Joint Tax Committee estimate of the revenue effects of the Reid bill. I have listed provisions with major revenue effects (+$20 B / 10 years) and a few others that have significant policy or political impacts. There are some smaller changes as well, which you can see for yourself in the 3-page document. All revenue figures are revenues raised over the ten-year period 2010-2019. 1. 40% excise tax on health coverage in excess of $8,500 (individuals) / $23,000 (families). Amounts are indexed for inflation by CPI-U + 1% - begins in 2013 - $149 B tax increase 2. Additional 0.5% Medicare (Hospital Insurance) tax on wages in excess of $200,000 ($250,000 for joint filers) - begins in 2013 - $54 B tax increase 3. Impose annual fee on manufacturers and importers of branded drugs - begins in 2010 - $22 B tax increases 4. Impose annual fee on manufacturers and importers of certain medical devices - begins in 2010 - $19 B tax increase 5. Cut in half (to $500K) the amount of an executive's compensation that a health plan can deduct from its corporate income taxes - begins in 2013 - $600 million tax increase 6. Impose 5% excise tax on cosmetic surgery and similar procedures - begins for surgery in 2010 - $6 B tax increase! In total the bill would raise taxes by $370 B over ten years.

Analysis on the tax hikes from Hennessey at the link. Reid has decided to raise the Medicare payroll tax on individuals making more than $106,800; perhaps not the smartest way to boost employment. The CBO report says the bill would save $127 billion over 10 years--but as Allahpundit notes "$127 billion over 10 years sounds like a lot until you remember that $176 billion was October's monthly deficit." We still haven't gotten a look at the CBO report to see just how bad the Medicare cuts will be [Update: The CBO ( download here) reports Medicare will be cut by $491 billion over 10 years], but tell grandma and granpa not to worry: Under this bill they'll get $500 in 2010 when Harry Reid just so happens to be up for reelection. The bill also allows taxpayer-funding for abortions through the public health insurance plan and the health insurance exchanges; the language is similar to the Capps amendment that tried to conceal federal funding of abortion through an accounting gimmick (see here). National Right to Life Committee calls the amendment " completely unacceptable." Senator Mitch McConnell said in a statement: "This bill has been behind closed doors for weeks. Now, it's America's turn, and this will not be a short debate. Higher premiums, tax increases and Medicare cuts to pay for more government-the American people know that is not reform."