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Dems Propose 5.4% Tax on Top Earners for Health Care
Legislation proposes paying for coverage with a new tax on the wealthy
By Nick McMaster
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Posted Jul 14, 09 5:30 PM CDT
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(Newser)
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And they're off: House Democrats unveiled their bill to reform the US health care system today, the Hill reports. The bill includes a government-run insurance option to cover more than 30 million uninsured Americans and would impose new taxes on the wealthy to pay for it all, notes Politico. The CBO estimates the legislation would cost $1 trillion.
The bill would impose a 1% surtax on Americans making more than $350,000 a year, 1.5% on those making between $500,000 and $1 million, and 5.4% on those with incomes above $1 million. The tax increases could be repealed if savings make the revenue unnecessary, notes the Wall Street Journal. The bill will now undergo a series of committee mark-ups, while two Senate panels continue work on their versions.