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House Plans to Tax Millionaires to Fund U.S. Health-Care Plan

Ryan J. Donmoyer and Kristin Jensen
Bloomberg News [1]
Wednesday, July 15, 2009

July 15 (Bloomberg) — House Democrats plan to fund the broadest U.S. health-care expansion in four decades by increasing taxes on the wealthiest Americans, imposing a surtax of 5.4 percent on couples with more than $1 million in income.

The legislation unveiled yesterday would place additional taxes on households with more than $350,000 a year in income and calls for further increases if the measure doesn’t hit a target for cost savings. The provisions are intended to raise $544 billion over 10 years.

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[2]

House leaders said the plan, which includes mandates to purchase coverage and a public health-insurance option, would cover 97 percent of Americans by 2019. President Barack Obama praised their work, saying it will “begin the process of fixing what’s broken” in the system.

“We can’t continue to put more and more money into health care,” said Representative Henry Waxman, a California Democrat who runs the House Energy and Commerce Committee. “We cannot go home for recess unless the House and the Senate pass bills to reform and restructure our health-care system.”

Full story here. [1]