Universal Health Coverage Act of 1990

Universal Health Coverage Act of 1990 - Requires each State to develop and implement by 1995 a State health insurance plan which: (1) requires employers of more than 24 employees to enroll such employees and their dependents in a plan providing specified health benefits; (2) creates mechanisms to reduce the costs of providing health insurance to employees of small companies and self-employed and unemployed individuals; (3) establishes a health benefits plan providing affordable coverage to poor and uninsurable individuals; and (4) requires that the State Medicaid plan (title XIX of the Social Security Act) meet minimum national eligibility and coverage requirements to be developed by the Secretary of Health and Human Services. Requires the Secretary to monitor State health insurance plans so as to determine by 1998 whether such plans should be administered by the Federal Government or remain at the State level.

Establishes the Universal Health Coverage Trust Fund to finance this Act's initiatives with revenue from: (1) specified increases in excise taxes on tobacco products and cosmetics; (2) creation of a 33 percent tax rate for taxable incomes over specified levels; and (3) repeal of the phaseout of the 15 percent rate and personal exemptions; and (4) a change in the maximum capital gains rate.

Directs the Secretary to establish a demonstration program providing additional funds to ten States to finance features of their State health insurance plans designed to provide health care to populations having difficulty in obtaining reasonably priced quality care.