Senate Budget Report Provides Interesting Insights Into The Senate Bill:
Read how your congressman voted:
Other recent links:
U.S. Chamber Web Site:
Now that the House has narrowly passed (220-211, including a single Republican vote from Cao-LA in support) the 2,400 page Senate version of the Healthcare Bill (which was passed by the Senate on Christmas Eve last year), it is a good time to review how the Senate version is projected to impact businesses, individuals and the U.S. Government.
In addition to income and payroll tax increases, and penalties, of nearly half a trillion dollars
While the House also narrowly passed (220-211) their Reconcilaition bill late this evening, the Senate will very likely not agree with all of the House’s suggested changes to the Senate Bill. The Senate will take up that task later this week.
Read how business owners (but not union shops) will be penalized with a 40% tax on “high cost”/ “Cadillac” medical insurance policies. File that provision under: No Good Deed Goes Unpunished.
Also read how taxpayers making more than $200,000 will be be “rewarded” with a .9% addition Hospitalization Insurance (HI) on wages and self-employment income.
Flexible Spending Accounts (FSA) will now be subject to limitations on tax-free contributions and spending limits. In addition, deductibility of medical costs will now rise to 10% of Adjusted Gross Income from the current 7.5% thresshold.
D&T Tax Provision Summary :
Reuters’ summary timeline of the healthcare roll-out:
Hold onto your wallet.