James Pethokoukis

Politics and policy from inside Washington

Pelosi: If surtax passes, it’s staying, get used to it

July 16, 2009

Madam Speaker speaks (via The Hill) about the surtax and what it might be used for:

I hope we can change that percentage and get much more coming from savings,” Pelosi said. “In fact, I believe that all of the cost of the healthcare reform bill can come from squeezing more savings out of the system.”

Asked why Democrats were proposing more than $500 billion in new taxes if savings alone could fund their healthcare plan, Pelosi said: “We have to have a revenue stream to ensure that the bill will be paid for. If we don’t need that money we can use it to reduce the deficit. … There is going to be a revenue change at the high end. It will be directed to reduce the deficit or … to help reduce the cost of this initiative.

Me: So it really isn’t a surtax is it? It is just a plain-old tax increase — and a big one at that.

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