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US House Health Bill Puts 5.4% Surtax On Millionaires
Jul 14th, 2009 - Wall Street Journal
(Updates with details from a preliminary CBO report) Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. House Democrats on Tuesday proposed new taxes on the wealthy to help fund an expansion of government health benefits...

Surtax videos from YouTube:

3:17
A 5.4% Surtax During a Recession!?
Surtax: tinyurl.com Cell Phones: tinyurl.com Global Warming: tinyurl.com Flow Chart: tinyurl.com Card Check: tinyurl.com 9 Points: tinyurl.com Carter 30yr: tinyurl.com BlogTV: www.blogtv.com
6:25
Tax Foundation President Scott Hodge Discusses Health Care Surtax on Fox Business Network
Tax Foundation President Scott Hodge Appeared on Fox Business Network on July 14, 2009 to discuss the House of Representatives' health care surtax plan.
3:16
CNN Cites Tax Foundation Research on Health Care Surtax
In a June 22, 2009 segment, CNN Reporter Josh Levs highlights the Tax Foundation's recent study examining the effect of the proposed health care surtax on combined top effective marginal tax rates -- 39 states would see rates exceed 50%.
1:45
Obama Open To Health Surtax - Bloomberg
President Obamas says he will raise the taxes on those earning more than a million dollars a year. (Bloomberg News)

Surtax from WikiPedia:

A surtax, may be a tax levied upon a tax, or a tax levied upon income.

Proposed in 2009: New taxes to fund the federal government's plan for higher health insurance spending continue to be debated in Washington. According to a new Bloomberg report, the top surtax rate will be 5.4 percent in the House plan.[i] That will be the top rate in a three-tiered surtax aimed at high-income tax returns:

1 percent surtax on AGI between $350,000 and $500,000 (singles between $280,000 and $400,000)

1.5 percent surtax on AGI between $500,000 and $1,000,000 (singles between $400,000 and $800,000)

5.4 percent surtax on AGI beyond $1,000,000 (singles beyond $800,000)

Previous examples of a broadly-levied surtax in the United States include one imposed to help finance the Vietnam War during the Lyndon B. Johnson administration. It essentially consisted of calculating one's ordinary federal income tax liability and then adding another 10% to it -- the amount of the surtax.