Senate Majority Leader, Harry Reid, (D) Nevada, is reportedly considering an increase to the Medicare Payroll Tax on the nation's highest earners.
The idea is to help pay for health care coverage to millions of Americans.
The New York Times reports that the language for the tax increase exists in the bill put forth by the Senate Finance Committee.
Currently employers and employees pay 1.45 percent of wages for the tax. The proposal would increase .5 percent for those making $250,000, or more, per year.
The Medicare Payroll Tax is different from the Social Security Tax which has a cap. There is no ceiling for the Medicare Payroll Tax.
It is believed that the tax if passed would raise $40 to $50 billion in roughly 10 years.
