House Dems To Tax Rich To Pay For Health Care

By: Associated Press Email
By: Associated Press Email

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House Democrats plan to pay for a sweeping health care overhaul by boosting taxes on the wealthy.

The taxes will hit households with incomes of $350,000 a year and above.

Ways and Means Committee Chairman Charles Rangel of New York said the tax would raise $540 billion over 10 years.

In combination with cuts to Medicare and Medicaid that would pay for a comprehensive health bill in the range of $1 trillion.

Rangel told reporters of the decision after a day of meetings on President Barack Obama's top domestic priority.

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