Reid eyeing 0.4%-0.5% Medicare payroll tax hike for health care reform

Filed under: Politics

U.S. Sen. Harry Reid, D-Nevada and Senate Majority Leader, is weighing increasing the Medicare payroll tax by 0.4 to 0.5 percentage point, as a way to help fund universal health care, The Wall Street Journal reported Thursday (subscription required.)

The current employee share of the Medicare tax is 1.45%. Reid's proposal would apply to only those earning more than $250,000 per year, which would conform to President Obama's campaign promise to not raise taxes on individuals earning under $250,000 per year, CNN.com reported Thursday.

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Reid eyeing 0.4%-0.5% Medicare payroll tax hike for health care reform originally appeared on BloggingStocks on Thu, 12 Nov 2009 17:30:00 EST. Please see our terms for use of feeds.

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