President Obama today signs into law the second bill approved by Congress, which finalizes the taxes to be used to pay for the new health reform law, and puts the final touches on a big Democratic political victory.

This bill also includes student loan reform sought by Democrats, one reason the President is having his signing ceremony at a community college in Virginia, not far from the White House.

But let's stay focused on the health care aspect of this debate, and specifically the taxes and revenues being raised by what will be the finalized health reform law.

In a review done by both the Congressional Budget Office and Congress' Joint Committee on Taxation, the plan would bring in an estimated $438 billion in new revenues over the next ten years.

You can see the figures for yourself at http://bit.ly/9Yv6UG .

The biggest chunk of those new revenues come from raising Medicare taxes by 0.9% of income in excess of $200,000/individual and $250,000/family.

That same group will also pay a 3.8% Medicare tax on investment income for those with Adjusted Gross Income in excess of the 200k/250k standard just mentioned.

Like most of the new taxes in this plan, they do not start until 2013.

The second biggest chunk of new revenue comes from an annual fee imposed on health insurance providers, which would raise $60 billion.  That starts in 2014.

In third place on the revenue chart is the excise tax on high-value "Cadillac" health plans, which would raise $32 billion over 10 years.  But that figure is a little misleading, since this tax would only be in effect in 2018 and 2019 - so that's really $32 billion in two years.

The fact that it doesn't go into effect until 2018 immediately raises questions about whether it will ever be levied.

The next two revenue raisers are fees imposed on certain companies:

* Annual fee on manufacturers and importers of branded drugs ($27 billion/10 years) - that starts in 2011
* 2.3% excise tax on manufacturers and importers of certain medical devices; starts in 2013

Two other plans to raise money include new limits on flexible spending accounts.  By capping FSA contributions to $2,500, more money will then be taxable, and thus result in additional tax revenues to the feds.  That provision begins in 2013 and raises $13 billion over 10 years.

One other item is more in the category of tax avoidance, as the feds would "require information reporting on payments to corporations," which raises $17 billion over ten years.  That starts in 2012.

You can read through all the rest at the above link.