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White House to Propose $60 Billion Tax Increase on Estates‚ Firms

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2009-05-11

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The Barack Obama administration is looking to propose a 60-billion dollar tax increase on wealthy estates and businesses.
White House officials say the measure is to make up for what the administration needs to sufficiently fund an overhaul of the health care system estimated to cost more than a trillion dollars.
In February‚ the administration said it would set aside 634 billion dollars over 10 years for a health care "reserve fund" which would be enough to cover about half the total cost.
However‚ after further analysis officials realized that their proposals would only raise 576 billion dollars leaving a gap of 58 billion dollars.
A detailed analysis of this budget blueprint is set to be released on Monday in the US.
Reporter : minjikang@arirang.co.kr

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