Senators Sherrod Brown, Bernie Sanders and Al Franken just introduced an amendment to the Senate health reform legislation that will make the unions happy. They proposed eliminating the bill's tax on so-called “Cadillac health plans” and replacing it with a new tax on immensely rich Americans. The new tax would be 5.4% and would apply to individuals earning more than $2.4 million per year. The Senate bill as it's currently written would instead apply a 40% tax on health insurance plans that cost more than $8,500 for families and $23,000 for families. (Only the excess amount would be taxed.) The changed called for by the three senators would bring the Senate bill more in line with the House reform bill, which would impose a 5.4% tax on individual income over $500,000.
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