Health-Care Bill Would Tax High-Income Americans, Rangel Says

Ryan J. Donmoyer and James Rowley
Bloomberg
Saturday, July 11, 2009

July 11 (Bloomberg) — Democratic lawmakers in the U.S. House of Representatives want to increase taxes on the highest- earning American families to help pay for an overhaul of the nation’s health-care system.

Legislation to be unveiled on July 13 would raise $540 billion over the next decade by setting a 1 percent surtax on couples with more than $350,000 in annual income, said Representative Charles Rangel, chairman of the tax-writing Ways and Means Committee. Higher rates would take effect for those earning $500,000 and $1 million, Rangel said.

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The New York Democrat said his panel decided this was the simplest means of funding the biggest health-care revamp in more than four decades after considering alternatives ranging from increasing Medicare levies to taxing sugary drinks.

The surtax is the “best way” to do it, Rangel told reporters yesterday at the U.S. Capitol, adding that it would take effect in 2011. Republicans disagreed, saying the measure would hit small business owners and depress job growth.

Full story here.

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