Senate Releases Draft Discussion of Healthcare Bill

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Senate Republicans released a 142-page discussion draft of a bill today that would repeal taxes under the Affordable Care Act such as the .9% additional Medicare tax, the 3.8% net investment income tax and the medical device excise tax.

The bill is substantially similar to that released on May 4 in that the individual and employer mandates, among other provisions, would be repealed.  However, subsidies to individuals to help pay for coverage would remain.

The intent of Senate Majority Leader Mitch McConnell (R-KY) is to bring the bill to a vote next week prior to the July 4 recess.  If the majority votes to bring the bill to the floor it would be subject to 20 hours of debate.  Following the debate there would be an unlimited number of amendments which would also need to be voted on.

A cost estimate for the bill is expected to be released by the Congressional Budget office next week.  Republicans need a simple majority to pass the bill since they are using a budget reconciliation process.  Accordingly, they can only afford to lose two votes with the expectation that all Democratic senators will vote against the bill.

To stay abreast on President Trump’s proposed tax, international business, insurance, healthcare reform and energy policies, Withum has formed its “Trumponomics Think Tank.” This is a group of industry thought leaders providing commentary of the happenings. Learn more about the team and other “Trumponomics Think Tank” related news.

 

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