House Democrats presented a 1,017 page healthcare bill today, signaling the first serious legislative effort to revamp the American healthcare system under Obama’s administration. In a statement, Obama praised the bill:

This proposal would improve the affordability, availability and quality of healthcare and represents a major step toward . . . our goal of fixing what is broken about healthcare while building on what works

By at least one estimate, the bill could cost as much as $1.5 trillion over 10 years. As written, the bill would some raise funds through an additional tax on America’s wealthiest, placing a 5.4 percent increase in taxes on couples earning over $1 million, a 1.5 percent tax on couples earning between $500,000 and $1 million, and a 1 percent tax on those earning between $350,000 and $500,000.

These taxes are estimated to be able to raise $544 billion over 10 years. The bill would also gain funding from anticipated cutbacks in Medicare and Medicaid financing. Penalties are also associated with the bill: individuals who fail to secure personal health insurance would find their salaries docked by 2.5 percent, while employers (small businesses exempt) who fail to provide healthcare for a worker would be fined a fee equal to 8 percent of the worker’s wage.

While Nancy Pelosi has displayed a keen determination to get this bill passed before the House’s August recess, many remain unconvinced that the legislature will reach fruition before 2010. Further, some representatives have displayed hesitation to vote in favor of an increase in taxes without knowing whether or not the Senate will follow through with legislation- especially with elections rapidly approaching. Their concern may not be misplaced; according to a Wall Street Journal article many senators would be unwilling to levy a fresh tax on America’s wealthy households.