House Democrats today unveiled their 1018-page health care reform bill, (H.R. 3200) which increases their previously announced income surtax to (page 197 of the bill):
- 1.0% on married couples earning $350,000 - $5,000
- 1.5% on married couples earning $500,000 - $1,000,000
- 5.4% on married couples earnings > $1,000,000
The 1.0% and 1.5% surtaxes would increase to 2.0% and 3.0% in 2013, unless the OMB certifies $150 billion in health care savings. Other revenue raisers are:
Press coverage:
The Joint Committee on Taxation has released its Description (JCX-30-09) and Estimated Revenue Effects (JCX-31-09) of the House Bill.
For a state-by-state breakdown of the impact of the surcharge, see Citizens for Tax Justice.
This is amazing to me. And what’s more it really comes down to taxation without representation because you will be hard pressed to find any of our representatives who have actually read any of this bill let alone the cap and trade bill.
ReplyDeleteAdd to that the news I saw last night that a company like Goldman Sachs earned over 2 billion in profit last year and didn’t pay any tax and I’m left scratching my head.
My plan is to get out of debt asap and get some money into wealth securing assets and commodities because I have a feeling that the worse isn’t over.
You know. The thought suddenly occurs to me that this makes wanting to reach the American dream of wealth and security less appealing. Why try if the government is going to take half of what you earn? Shot for mediocrity. Depend upon big brother. Maybe that’s the desired effect.