The bill will first be considered by three House committees, and Democratic representatives hope to vote on the bill by the end of August.
The bill includes an additional 5.4 percent tax on those earning more than $1 million, an additional 1.5 percent on those earning more than $500,000 and an additional 1 percent tax on couples earning more than $350,000.
The tax increases are expected to raise $544 billion over 10 years to pay for the estimated $1-trillion overhaul.
The bill calls for mandatory insurance coverage, subsidies to pay for the coverage and the creation of a public health plan that would compete with private plans. Additionally, health insurers would be prohibited from denying coverage to those with preexisting medical conditions, and providers would be limited in the amount of costs they could recoup from uninsured persons.
The bill also includes the establishment of a commission to evaluate Medicare reimbursement rates.
Read the Washington Post’s report on the healthcare reform bill.
