As the debate over paying for health care reform takes center stage, it seems like the rich could wind up with the heaviest burden. Democrats want to hit the rich with even higher income taxes to pay for the proposed overhaul; along with limiting deductions that wealthy families take for mortgage interest and charity contributions.
Taxing the rich to pay for health insurance would mark a significant difference from how this country has paid for safety net programs. For example, both Social Security and Medicare are funded by payroll taxes that affect all Americans.
It’s estimated a single taxpayer making $450,000 a year would pay $7,100 a year more in taxes, while a family making that much would pay an additional $1,000. Meanwhile - a single taxpayer making $5 million a year would pay $452,000 more in taxes; while a family at that income level would pay $443,000 more.
House Speaker Nancy Pelosi says she wants to soften the proposal by making it apply only to families that make $1 million; and individuals that make more than $500,000.
Republicans are pushing back big time. They say some taxpayers would wind up facing tax rates above 50-percent when you combine federal and state taxes.
The White House has problems on this issue. A new poll shows approval of the president's handling of health care has fallen below 50 percent for the first time.
Here’s my question to you: Is it fair to soak the rich to pay for health care reform?
Interested to know which ones made it on air?
Bertha from South Carolina writes:
I wish you hadn't phrased this question as "is it fair to soak the rich to pay for health care reform". In 2007, Warren Buffet slammed a system that allows the very rich to pay taxes at a lower rate than the middle class. Buffet revealed that he paid 17.7% in taxes while his receptionist was taxed at 30%, as am I. Let's find out what percentage the "rich people" are paying in taxes.
Mark from Arkansas writes:
In a word, no. The Democrats' plan is to attack the rich to make them pay the tab for everything. That won't work. If you know that the more you make, the higher percentage you'll pay in taxes, what will be the incentive to earn more? California is learning the hard way what spend-then-tax government is all about.
Craig from Arizona writes:
The conversation needs to be: what are we willing to do to rein in costs? Are we willing to have tort reform and turn away care to our ever expanding illegal population? The government will manage this just like they have managed Social Security and Medicare. Fraud and waste.
B. from Mississippi writes:
Oh those poor, poor, millionaires. If we tax them so much, how will they ever pay for psychoanalysis for their little inbred doggies? How will they be able to afford their thousand dollar tote bags and ten thousand dollar Rolexes? I have a 19-year-old student who will never be able to use her right hand again because she cut it at work and didn't have insurance to get surgery to fix the nerve damage. How is that 'fair'?
B. from North Carolina writes:
You're wrong, Jack. People that make that much pay very little. Deductions, loopholes, write-offs, etc., protect most of the money. You obviously don't make that much.
Suppose the "rich" move out of the U.S.? Then who will all of you liberals get to pay for everything?
Michael from Ft. Hood, Texas writes:
Welcome back, Jack. How was Argentina?