WASHINGTON (AP) — A top Senate Republican says a revised version of the party’s health care bill will likely retain two tax increases President Barack Obama levied on wealthier Americans to help pay for his expansion of coverage.
No. 2 Senate GOP leader John Cornyn says “where we are right now” is the bill would keep Obama’s 3.8 percent tax boost on investment income for couples earning over $250,000 annually. It would also retain a payroll tax increase of 0.9 percent on the same earners that helps pay for the Medicare health care program for the elderly.
Republicans usually oppose tax increases.
Cornyn says the GOP would use the revenue to help keep health insurance premiums and deductibles in check.
Congressional analysts say keeping the tax boosts yields $231 billion over 10 years.
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