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Senate Republicans Propose 'Fairer' Health Care Bill

by Mike Godfrey, Tax-News.com, Washington

18 July 2017


Changes in the redrafted Senate Republican health care bill would make the changes less regressive, according to analysis of the bill from the Tax Policy Center.

A new version of the earlier Better Care Reconciliation Act (BCRA) was released by the Senate Committee on the Budget.

The revised bill would retain the Affordable Care Act's 3.8 percent Net Investment Income Tax and its 0.9 percent Medicare surtax, both of which are imposed on individuals making USD200,000 or more and couples making USD250,000. As with its predecessor, it would repeal the ACA's excise taxes on individuals without insurance and firms that do not offer adequate coverage to employees, and proposals also for a more generous medical expense deduction.

"Upper-income households would get the biggest dollar amount of tax cuts," said Howard Gleckman, senior fellow at TPC. "However, the lowest income households get the largest average tax cuts as a share of their after-tax income while those with the highest incomes would get the smallest."

Gleckman said that this was a significant change from the first version of BCRA, which gave the biggest tax cuts as a percentage of after-tax income to the highest-income households.

He said those households making aboutUSD28,000 or less would get an average tax cut of about USD180 or one percent of their after-tax income. Middle-income households, who make between USD54,000 and USD93,000, would get an average tax cut of about USD280 or 0.4 percent of their after-tax income, and those in the top one percent would get a tax cut of USD2,900, which would equal 0.1 percent of their after-tax income.

TAGS: individuals | tax | insurance | employees | health care | United States | Investment | Invest | Investment | Tax

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