Obama to Tax Rich for $634B Health Care Plan

The 10-year budget outline that the White House will release officially Thursday aims to pay for universal health care coverage in part by collecting more in taxes from wealthy Americans. Senior administration officials tell FOX News that President Obama's budget will include a $634 billion "reserve fund" to pay for universal coverage. The administration projects the total cost of $1 trillion and describes the "reserve fund" as a down payment on the total cost.Senior White House officials briefed Democrats in Congress on the president's budget outline Wednesday.The $634 billion figure is meant to finance a portion of the plan for ten years.The administration, an official said, will work with Congress to locate the remainder of financing for the plan."This is a very significant down payment," a senior administration official told FOX News."We consider putting this reserve fund on the table a more auspicious approach to getting this done this year."The White House contends by directly telling Congress how much universal coverage is projected to cost, it can devote more time to debating the methods of achieving coverage instead of getting bogged down in conflicting cost estimates.The president will finance about half of its "reserve fund" allocation by limiting itemized deductions to couples who earn $250,000 or more to 28 percent of the total itemized deductions they claim...
By Major Garrett
To read more go to:
http://www.foxnews.com/politics/first100days/2009/02/25/obama-seeks-m-years-revamp-health-care/
As in the days of Noah...