Bioscience

Hospital initiative seeks ‘wealth tax’ to pay health costs for needy

March 23, 2010

By Flinn Foundation

[Source: Verde Independent] – Hospitals want all Arizona voters to approve higher taxes on the richest of them to help pay for health care for the needy.

An initiative drive to be launched this week proposes a surcharge on income greater than $150,000 a year for individuals and $300,000 for couples.

Right now the top state income tax rate is 4.54 percent. So someone with an adjusted taxable gross income of $225,000 owes the state $10,215.

This initiative would raise the rate by a percentage point above the cutoff, meaning anything above that $150,000 level would be taxed at 5.54 percent, raising the tax on that $225,000 income to $10,065.

For more information: Hospital initiative seeks ‘wealth tax’ to pay health costs for needy