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Michael van der Galien

Should Millionaires Pay for Health Care Reform?

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Posted on January 23 2010 10:30 am
Michael van der Galien was born in the Dutch city of Leeuwarden in 1984. For as long as he can remember, he has been obsessed with the United States. When he was 17 years old, he started blogging - of course about America. His articles have been published at Big Hollywood, Pajamas Media, Hot Air (the GreenRoom) and Right Across The Atlantic. He's also an editor for the Dutch conservative blog, De Dagelijkse Standaard.
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by Alan D. Viard

By increasing marginal tax rates at high income levels, the millionaire surtax in the House health care reform bill would promote tax avoidance and impede saving and investment, reducing wages throughout the economy. Taxing a mere 0.3 percent of the population is not a sustainable way to pay for health care reform.

Key Points in this Outlook:
The millionaire surtax in the House health care bill would raise marginal tax rates and encourage tax avoidance, limiting its revenue yield.
The surtax would penalize saving and investment.
The surtax is an unsustainable way to pay for major new spending programs because it would fall on only 0.3 percent of the population.

Read the whole report at InsiderOnline.

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