US | universal health care Dems Propose 5.4% Tax on Top Earners for Health Care Legislation proposes paying for coverage with a new tax on the wealthy By Nick McMaster Posted Jul 14, 2009 5:30 PM CDT Copied House Speaker Nancy Pelosi, D-Calif., is joined by other House Democratic leaders, announcing the introduction of health care legislation on Capitol Hill, Tuesday, July 14, 2009, in Washington. (AP Photo/Manuel Balce Ceneta) And they're off: House Democrats unveiled their bill to reform the US health care system today, the Hill reports. The bill includes a government-run insurance option to cover more than 30 million uninsured Americans and would impose new taxes on the wealthy to pay for it all, notes Politico. The CBO estimates the legislation would cost $1 trillion. The bill would impose a 1% surtax on Americans making more than $350,000 a year, 1.5% on those making between $500,000 and $1 million, and 5.4% on those with incomes above $1 million. The tax increases could be repealed if savings make the revenue unnecessary, notes the Wall Street Journal. The bill will now undergo a series of committee mark-ups, while two Senate panels continue work on their versions. Read These Next NYC police encountered a horrific scene after a fire was reported. Somebody just shot Charlie Kirk. Charlie Kirk's death has been confirmed. Why does the Wheel of Fortune click? Now we know. Report an error