With a smiling, photo-op seeking Nancy Pelosi leading the way, House leaders unveiled a health care reform bill on Thursday. The bill promises to greatly expand coverage of the uninsured while alleviating budget deficits over the next decade. It also addresses a public option that is not as robust as some are calling for, but may pass the House nonetheless.

So how much? The bill means a net cost to the federal government of $894 billion over the next decade, but proponents insist that the provisions would generate revenue from new taxes and from savings in Medicare to pay for the cost. Critics argue that Pelosi is conveniently leaving out other measures that would bump the cost north of a trillion dollars.

So who’s getting the shaft? The primary victims of tax increase would be those whose annual income exceeds $1 million for couples and $500,000 for individuals. Many predict the wealthy will find a way around this blatant redistribution of wealth, and that the only people who are going to end up paying for this are Mr. and Mrs. Joe Citizen and their children. The deficit will mount, the government will continue to borrow, and the future generations will be indebted long before they’re old enough to even own a bank account.

Incidentally, the bill requires employers to offer health coverage to their workers and pay a substantial share of the premiums or get slapped with a big penalty. Proponents claim that such an approach would be a useful “prod” to make insurance more available and affordable to employees. Maybe. Or maybe businesses will shutter their doors and business owners will just turn into someone else’s employee. Or maybe business owners will shift their base of operations outside the country. Time will tell. But the possibilities are quite unnerving.