Obama: Cut charity, legacy tax breaks to raise medical $
How Obama says he'd raise $600 million to subsidize health care
President Obama wants to raise over $600 billion for a Health Care Reserve Fund that would boost medical insurance coverage and maybe help pay the cost of automating health records, which is supposed to make it easier for hospitals and insurers to manage /healthcare costs. Where's the money coming from? See this Office of Management and Budget release. Also budget director Peter Orszag's latest statement on taxes, revenues, deficits, with links to budget documents, here. Excerpts from the release:
"Expand information reporting that will help the IRS catch tax cheats... to raise more than $10 billion over the next 10 years, by allowing the IRS to better enforce existing tax law.
"Target valuation games played by those facing estate and gift taxes that allow them to undervalue transferred property, raising another $24 billion over the next 10 years.
"Immediately clamp down on a tax loophole that is giving an unintended, multibillion dollar windfall to paper companies, saving more than $1 billion this year and next.
"The limitation on itemized deductions is now expected to raise about $267 billion over the next 10 years, which we will devote entirely to health care reform.
"All together, these policies would raise a total of $635 billion to be devoted to health care reform." More on Obama's proposals to raise taxes on traders and the wealthy in a brief Bloomberg LP report here.
