health care reform proposal to raise taxes on wealthy | Buzz Blog

Tuesday, July 14, 2009

health care reform proposal to raise taxes on wealthy

Posted By on July 14, 2009, 6:23 PM

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I can hear Republicans groaning already...

Speaker of the House Nancy Pelosi and others announced the House version of health care reform legislation. The measure, among other things, imposes a gradual tax beginning for those who make $280,000 a year, a 5.4 percent tax increase on individuals making more than $1 million a year, and mandates that all Americans receive health care insurance.

click to enlarge tax_rate.jpg

Employers who don't provide coverage would be hit with a penalty equal to 8 percent of workers' wages with an exemption for small businesses. Individuals who decline an offer of affordable coverage would pay 2.5 percent of their incomes as a penalty, up to the average cost of a health insurance plan. The House Ways and Means Committee, one of three committees that will review the bill, is expected to vote on it as early as this week, but the bill remains controversial and debate over it is expected to become very intense. But, as you can see from the graph on the right (which refers to reversing the Bush tax cuts), this tax increase isn't nearly as dramatic as many right-wingers would have you believe.

 Not being particularly wealthy, this plan sounds good to me. Also, the fact that when I turn 26 I'm SOL with health insurance compels me to support this measure.

But can Obama make it happen?

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