Examining ‘A Glitch’ In The Health Law’s Tax Credits
Reuters reports on a health law consequence that Families USA says needs to be fixed: that millions of "modest earners" could be priced out of health insurance. The Fiscal Times analyzes the current state of play regarding the measure's new taxes and other moving parts.
Reuters: Little Hope Seen For Millions Priced Out Of Health Overhaul
Millions of Americans will be priced out of health insurance under President Barack Obama's healthcare overhaul because of a glitch in the law that adversely affects people with modest incomes who cannot afford family coverage offered by their employers, a leading healthcare advocacy group said on Tuesday. Tax credits are a key component of the law and the White House has said the credits, averaging about $4,000 apiece, will help about 18 million individuals and families pay for health insurance once the Affordable Care Act takes full effect, beginning in January 2014 (Brown, 3/26).
The Fiscal Times: $1 Trillion In New Taxes From Health Reform Is Coming
Three years after enactment of the landmark legislation extending health care coverage to 27 million uninsured people, many in Congress and a majority of Americans are coming face to face with a daunting reality. Consumers will face higher insurance premiums, insurers will see a 32 percent increase in medical claims costs, and almost everyone in the upper middle class or higher will pay a slew of new taxes (Pianin, 3/27).
Also in the news, the latest developments regarding efforts to repeal the health law's medical device tax.
Roll Call: McConnell To House: Move Device Tax Repeal Soon
The top Senate Republican is calling on the House to send over legislation to repeal the health care law's tax on medical devices, following a bipartisan vote among senators in favor of such a move last week. Appearing Monday evening on the Hugh Hewitt radio show along with Florida GOP Sen. Marco Rubio, Minority Leader Mitch McConnell, R-Ky., said he thought House Republicans should pass a stand-alone repeal of the medical-device tax to see how the Senate would handle it (Lesniewski and Attias, 3/26).