House Dems propose tax on wealthy to fund health care

[MikeinPhilly]

http://www.cnn.com/2009/POLITICS/07/...tax/index.html



WASHINGTON (CNN) -- Democrats on the House Ways and Means Committee on Friday proposed a graduated tax on wealthy Americans to pay for health care reform, several Democratic sources told CNN.

The new tax would apply to individuals who make more than $280,000 a year and married couples who make more than $350,000, the sources said.

Individuals making up to $400,000 and couples making up to $500,000 would be assessed a 1 percent tax on their adjusted gross income, they said. A higher rate would apply to individuals making up to $800,000 and for couples making up to $1 million per year, and an even higher rate would apply to individuals and couples with higher incomes.

The rates for the tax on the two higher brackets are still being finalized, the sources said.

Committee Democrats jettisoned other ideas to pay for the reform, 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 10 years. The new revenue, combined with approximately $500 billion in projected savings from health care reforms, would offset the roughly $1 trillion that the House Democrats' bill is expected to cost, they said.

The Congressional Budget Office has not yet released its cost estimate on the House bill.

House Democratic leaders are planning to introduce their legislation Monday. The committees focused on health care in the House are expected to bring consideration on the bill later next week

[original gunner]

its about time!

[Jorg Schlagzeuger]

its about time!

PLEASE tell me this is a sarcastic statement.

[theo]

its about time!

Why. So they can pay for you. Why punish someone who makes more money. Guess you voted for "O" and you want everything for free.

[tourrider]

This will hit many small business owners hard.

[Kenshin]

This will hit many small business owners hard.

Yep i guess they dont realize how many people put their small business money on their own tax returns... Freaking stupid is what this whole healthcare thing is and i don't even have it at this very moment just getting out of college and all.

[matt33]

its about time!

You sound like a typical freeloader with a victim's mentality and a high sense of entitlement to the fruits of someone else’s labor. Out of curiosity, what percentage of my income do you think I should be allowed to keep? You do know that the top 10% of income earners pay 71% of all federal income tax while the bottom half of income earners pay roughly 3%, correct?

[unclejumbo]

http://forum.pafoa.org/national-11/6...continues.html

Discussed here as well.

[Warpt762x39]

its about time!

It's about time to what? Punish those who bust their ass to get where they are? Who work hard for their money? Who realized the American Dream? Or what the American Dream used to be.

Now it seems the American Dream is to be able to sit on your lazy ass, live off welfare and have others pay for your mortgage, car payment and health care costs.

Anyone see the movie Wall-E? This country is well on its way to becoming just like the people in that movie. Well except the animated part.

Getting fat, lazy and not having a clue as to what's going on around them. If it's not on their computer screen or in their little bubble, they don't care. They just want to be able to surf the web reading about idiot celebrities and have everything else taken care of for them.

[original gunner]

NEWS FLASH: You are not wealthy! You are working class. Wealthy folks don't post online about these types of things, they hire lobbyists.

Chop the profit margin off the top 2 percent in the country, invest it in health care options that reduce medical costs at the state and federal level for the other 98% of taxpayers. You are paying for it already!

The wealthiest folks don't make profit off of hard work and small business, they make it compounded investments from generational wealth, from TARP initiatives for their bad decisions, and complicated derivative and ponzi schemes.

Programs that stop rewarding the elite and put rewards of tax structures back into the people who work for a living is a good thing. Progressive taxation is prudent and responsible.

Say what you want about progressive taxations, it sure beats cutting programs we and our kids use everyday. Its a reasonable reposne to the massive budget gap Bush and the GOP left for us.