From the Wall Street Journal:
President Barack Obama will propose a combined $634 billion in upper-income tax increases and cuts to government health spending over 10 years to fund a new program aimed at getting health coverage to all Americans, a senior administration official said Wednesday.The spending cuts are aimed not just at raising money for the new program but also at curbing health-care spending overall, something that the president and many experts believe is critical to the nation’s long-term financial health. The cuts would affect a range of interests, including managed care companies, prescription drug manufacturers and hospitals.
The proposed tax change would limit the deductions available to people in the highest income tax brackets.