Repeal of Obamacare individual mandate could end up in tax bill

Sunday, 05 November 2017, 08:32:24 PM. Although a draft of the bill that the House Ways and Means Committee released Thursday didn't include a repeal of the Obamacare mandate, the committee's chairman, Texas Republican Kevin Brady, said final decisions on the issue haven't been made.
WASHINGTON - Tax overhaul legislation moving through Congress could incorporate repeal of the Obamacare individual mandate as deliberations on the issue continue, the chairman of the U.S. House of Representatives' tax writing committee said Friday. Although a draft of the bill that the House Ways and Means Committee released Thursday didn't include that provision, the committee's chairman, Texas Republican Kevin Brady, said final decisions on the issue haven't been made. Republicans roll out their long-awaited tax reform plan Brady told a Politico event that tax writers will "work to improve" the bill as it moves through Congress, and repeal of an Affordable Care Act mandate that citizens maintain health insurance coverage is still under consideration. The Affordable Care Act included a requirement that most Americans buy health insurance coverage to make sure that healthy people would be in the insurance pool, helping to reduce premiums for plans in the Obamacare marketplaces. Those who don't comply face a variety of potential tax penalties. Some pay fees of $695 for each adult, and $347.50 for each child under 18 who isn't covered, with a maximum family charge of $2,085. Others pay 2.5 percent of their income, not to exceed the total yearly premium for the national Bronze plan sold through the marketplace. The law requires taxpayers to pay whichever option ends up costing more money. Read the text of the new Republican tax reform bill Opponents of the law including...Read more
Share this

You might also like

Similar