Tuesday, July 21, 2009

Health Care Surtax On The Wealthy

Many in the press have been talking about the "health care surtax on the wealthy" included in the Health Care legislation in the House, so I thought I'd throw in my two cents. Here is how the tax breaks down (even though, most are only quoting the top rate of 5.4% on millionaires): Paying for Health Care Overhaul
The reason why I don't think that it's an unreasonable question to ask the top earners in the country to foot the bill for the rest of us is simple. The very same group of people were the direct recipients of the majority of the Bush tax cuts, which were never funded. Because of these tax cuts, the Citizens for Tax Justice estimates that this group of tax payers will have received around $700 billion by 2010. Compare that to the estimated $544 billion that these newly proposed taxes would raise over the next 10 years and the idea seems fair to me.

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