July 10, 2009
Posted: July 10th, 2009 06:20 PM ET
From CNN Congressional Producer Deirdre Walsh
President Obama speaks about health care reform in May.
WASHINGTON (CNN) - Democrats on the House Ways and Means Committee Friday proposed a graduated tax on wealthy Americans to pay for health care reform, to several Democratic sources tell CNN. The new tax would kick in for individuals who make over between $280,000 to $400,000 per year and for married couples who make from $350,000 to 500,000 per year, imposing a 1 percent tax on their adjusted gross income. The tax rate would increase to a higher percentage for individuals making between $400,000 to 800,000 and for couples making $500,000 to $1 million per year. Individuals making $800,000 or above and couples making $1 million or more per year would be taxed at an even higher rate.
The rates for the tax on the two higher brackets are still being finalized, according to the sources. Committee Democrats jettisoned other ideas to pay for the bill, including new taxes on sugary drinks or an increase in Medicare payroll taxes. Sources say the new tax is expected to bring in $540 billion over ten years. This new revenue, combined with approximately $500 billion in projected savings from health care reforms, would offset the roughly $1 trillion that the House Democrats' health care bill is expected to cost, they said. The Congressional Budget Office has not released its cost estimate yet on the House bill. House Democratic leaders are planning to introduce their legislation on Monday. The committees focused on health care in the House are expected to being consideration on the bill later next week. Filed under: Health care
|
The latest political news from CNN's Best Political Team, with campaign coverage, 24-7. Sign up for our twice daily Ticker emails. Got a news tip or feedback? For complete political coverage, bookmark CNNPolitics.com. CNN=Politics Screensaver
New in the Ticker
@edhenrycnn: @DarynKagan is there a football game tonite? :)
Updated: Sat, 21 Nov 2009 19:05:10 -0800 @wolfblitzercnn: Just had a fabulous dinner at INOX at Tysons Corner in northern Virginia outside DC. The salmon was delicious. So was the beets appetizer.
Updated: Sat, 21 Nov 2009 18:46:54 -0800 @edhenrycnn: @Marty2634 weeks of debate on #hcr coming on Senate floor
Updated: Sat, 21 Nov 2009 18:18:08 -0800 @edhenrycnn: RT @StewSays Haven't had enough of the #HCR debate? Good. Sen. McConnell on CNN's State of the Union Sun morning at about 9:15 et @cnnsotu
Updated: Sat, 21 Nov 2009 18:11:58 -0800 @edhenrycnn: @LydiaMReynolds1 thank you, much clearer :)
Updated: Sat, 21 Nov 2009 18:10:36 -0800 Categories
Archive
Popular Posts
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loading weather data ...