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Senate Majority Leader Reid unveils a health care reform bill that would provide only a modest increase in the thresholds for “Cadillac” health insurance policies, Senate Democrats announce. Under Reid's bill (H.R. 3590), a 40 percent excise tax will apply to insurance premiums in excess of $8,500 for individuals and $23,000 for families, up from $8,000 and $21,000 in the Finance Committee's bill. For qualified retirees and individuals in high-risk professions, the thresholds would still be $9,850 and $26,000 for families. The bill also includes an increase in the tax rate for the Medicare payroll tax from 1.45 percent to 1.95 percent for individuals earning more than $200,000 per year and couples earning more than $250,000 per year. Reid says he expects to file for cloture on a motion to proceed to the bill today and hold a Senate vote on the motion on Saturday.
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