Time to start reading the Takeover of Health Care Bill, because you know, if you don't, nobody will. Here's the short version:The healthcare overhaul proposal offered Tuesday by U.S. House of Representatives' Democrats will include an extra 5.4% tax on those earning more than $1 million.
One congressional aide said that would bring the top tax rate for the wealthy to 45%.
An additional tax of 1% would be levied on those couples earning more than $350,000. Those with $500,000 incomes would pay an extra 1.5%, according to the legislative documents. Increases could be triggered in 2013 to 2.0% and 3.0%, respectively. The millionaires' tax would remain at 5.4%, according to legislative documents.
The House Ways and Means Committee has scheduled debate and votes are due begin Thursday.
And here's the full deal. (It's pdf and 1018 pages long).
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Pat, I look forward to your coverage of this as it proceeds. You have been my 'go to' source on cap and trade. Please keep it up.
ReplyDeleteIf you keep taxing millionaires, those millionaires won't keep their money here anymore... and eventually they'll move out too.
ReplyDeleteIt'll be a Canadian style brain drain.
Would love you to call in to my show tomorrow AM!
ReplyDelete