Posted on 07/14/2009 5:29:31 PM PDT by tobyhill
House Democrats Tuesday proposed new taxes on the wealthy to help fund an expansion of government health benefits. But the bill also includes a mechanism to peel back the tax increases if the revenue isn't needed to fund the bill.
The bill would place a 5.4% surtax on individuals and families with annual gross income exceeding $1 million. Individuals and families with annual income between $350,000 and $500,000 would face a 1% surtax, and those making between $500,000 and $1 million a year would be hit with a 1.5% surtax.
Those surtaxes for the last two categories would jump to 2% and 3% by 2013, unless the director of the White House budget office determines that other provisions of the bill have resulted in savings to the government of more than $150 billion. Democrats say new programs for preventive care, for example, will achieve savings that aren't counted upfront by the Congressional Budget Office.
Despite nervousness from many Democrats about contents of the package, House leaders aim to bring it before the full House for a vote before Congress begins its summer recess period in mid-August. Lawmakers "can't go home for a recess unless both the House and the Senate pass bills to reform and restructure the health-care system," Rep. Henry Waxman (D., Calif.) said in a Tuesday news conference to unveil the bill.
The bill also includes a public health-insurance option -- a provision for which Republicans in the House and Senate have thus far shown little appetite.
The new public plan would see $2 billion in start-up funding from the federal government and would pay doctors and hospitals rates based on Medicare payment rates for its first three years. The public plan would pay health-care providers 5% more than current Medicare rates.
(Excerpt) Read more at online.wsj.com ...
Very very bad bill that will destroy more jobs...
“Very very bad bill that will destroy more jobs...”
Destroy jobs in the private sector, for sure, but just as surely create some in the public sector. And that’s the point, isn’t it?
That is what “jobless recovery” means I guess
Vote Them Out!!!
Hiring class = outsourcing class.
This will go to help fund an elaborate “free” health care system for illegal aliens, no doubt.
Between this healthcare tax, card check, and cap and trade, the economy absolutely will not survive this. Businesses are going into a survival only mode, no hiring or expansion. I hope everyone remembers this crap in 2010.
V ote
E very
T raitor
O ut
!!!!
Every high income earner needs to form an asset protection entity (LLC, Trust - offshore preferably). Then re-write their employment agreement such that their current employee hire their services through that entity. As an employee of that entity, they should take a substantially lower salary. Don’t give these people one more dime.
Very interesting proposition!
PING for further investigation.
I’m recently retired and will slide below the income levels, but my poor kids will get hammered.
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