Millions to Gain Health Security From New Surcharge on the Richest
The House health reform bill, America’s Affordable Health Choices Act (H.R. 3962), would tax the richest to help fund affordable health insurance for all. This surcharge—on couples and families with incomes exceeding $1 million and on individuals earning more than $500,000—affects only the wealthiest 0.3 percent of U.S. taxpayers.[1] Their income is more than 6,863 percent of the federal poverty level (FPL) for couples. The surcharge will raise $460.5 billion over 10 years—considerably less than the $700 billion in tax cuts these households received over a 10-year period (2001 to 2010) from President George W. Bush.[2] The surcharge will be used to help working families (those with income less than four times the FPL, or $88,200 for a family of four) to pay for health coverage. That is why the Congressional Budget Office estimates that 96 percent of Americans will have insurance coverage when the bill takes effect (the bill specifically excludes undocumented immigrants). The surcharge is a key reason why H.R. 3962 will reduce the deficit by $109 billion over 10 years.[3]
This state-by-state table shows how many households will be affected by the surcharge and how many uninsured people will gain coverage as a result by 2013. By 2019, the number of uninsured will decline by a total of 36 million, resulting in coverage of 96 percent of the population.
Download the chart. (PDF)
Footnotes 1-3 See chart - "Millions to Gain Health Security From New Surcharge on the Richest"
