Tuesday, July 14, 2009
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:
- Tax on individuals without acceptable health care coverage
- Delay in application of worldwide allocation of interest
- Limitation on treaty benefits for certain deductible payments
- Codification of economic substance doctrine
- Penalties for underpayments
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.