Posted by: jhamon | July 12, 2009

We’ll Overhaul Health-Care By Taxing Wealthy

More from Bloomberg on how we’ll overhaul health-care — by taxing the wealthy:

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.

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.

40 members of the fiscally conservative Blue Dog Coalition Democrats have expressed “strong reservations.”  The Democrats currently hold a 255-178 advantage.  A 40 vote defection would tip the vote to a 215-218 disadvantage.  Trouble looms.


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