The heahlthcare bill will be adding 3.8% in new taxes (15% to 18.8%). If Congress fails to extend the Bush tax credits, you're looking at around a 43% tax rate. The concern in the stock market is that it will be same-oh same-oh given the few changes in Congress (the Republicans still have the House). The last session did little; why would this one do more? Then there is the on-again concern about Eurosclerosis.