House Demos To Tax Millionaires

Item: US House Health Bill Puts 5.4% Surtax On Millionaires /Wall Street Journal

More Info: U.S. House Democrats on 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 above $350,000 would face a 1% surtax, and those making between $500,000 and $1 million a year would be hit with a 1.5% surtax.

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