Feb. 25, 2009
Obama will propose $634 billion in tax increases on upper-income taxpayers and cuts to government health spending to fund health reform over 10 years, a senior administration official said Wednesday. The proposed tax change would limit the deductions available to people in the highest income tax brackets.
The spending cuts are aimed not just at raising money for the new program, which aims to get health coverage to all Americans, but also at curbing health-care spending overall. The cuts would affect a range of interests, including managed care companies, prescription drug manufacturers and hospitals.
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