Thursday, April 7. 2011
Congress has repealed one small section of the healthcare reform law, after the Senate overwhelmingly voted to eliminate a tax reporting requirement they say was burdensome and unpopular with businesses.
The requirement would have forced businesses to file tax forms for every vendor that sold them more than $600 in goods each year. While the filing is unrelated to healthcare, it was originally projected to raise almost $25 billion over the next decade by ensuring vendors paid their taxes. That money would have been used to pay for part of the new health law.
To make up for the loss, the repeal changes another part of the healthcare law to require families with incomes beyond a certain level to reimburse tax credits designed to help them pay for health insurance.
While the repeal had considerable bipartisan support, some Republican lawmakers hope it is the first of many bills that will result in the entire healthcare law being thrown out. White House Budget Chairman Paul Ryan, a Republican House member from Wisconsin, introduced a plan this week that would privatize Medicare and turn Medicaid into a block grant program that would be distributed to the states.
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