Individual Mandate Surtax:<\/strong> If an individual fails to obtain qualifying coverage, he or she must pay an income surtax 2.5 percent of adjusted gross income.<\/p>\nMedicine Cabinet Tax (Page 324):<\/strong> Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.
\n
\nCap on FSAs (Page 325):<\/strong> FSAs would face an annual cap of $2500 (currently uncapped). <\/p>\nIncreased Additional Tax on Non-Qualified HSA Distributions (Page 326):<\/strong> Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)<\/p>\nDenial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327):<\/strong> This would further erode private sector participation in delivery of Medicare services.<\/p>\nSurtax on Individuals and Small Businesses:<\/strong> Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly).<\/p>\nExcise Tax on Medical Devices (Page 339):<\/strong> Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.<\/p>\nCorporate 1099-MISC Information Reporting (Page 344):<\/strong> Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.<\/p>\nDelay in Worldwide Allocation of Interest (Page 345):<\/strong> Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act<\/p>\nLimitation on Tax Treaty Benefits for Certain Payments (Page 346):<\/strong> Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.<\/p>\nCodification of the \u201cEconomic Substance Doctrine\u201d (Page 349):<\/strong> Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.<\/p>\nApplication of \u201cMore Likely Than Not\u201d Rule (Page 357):<\/strong> Publicly-traded partnerships and corporations with annual gross receipts in excess of $100 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.<\/p>\nSummary<\/strong><\/p>\n“The bill just released by Speaker Pelosi fails on every front to achieve the real goal of all Americans: health care that is more accessible, more affordable, and higher quality. By placing over $200 billion in a separate bill to address Medicare payments to physicians, the Speaker is using the same absurd tactics that Democrats and Republicans shunned last week in the Senate.<\/p>\n“And by placing a new, massive spending burden on state budgets with the expansion of Medicaid, the Speaker has hidden the hundreds of billions in new state taxes that will be required– all at the expense of job creation, education, and public safety. \u00a0If the Speaker’s true intent was to give more power to Washington bureaucrats and lobbyists at the expense of American families, however, the bill can be viewed as a resounding success.”
\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Met with a small group of protesters, Speaker of the House Nancy Pelosi unveiled the new House Health Care Bill, crafted in smoke-filled rooms lacking the promised bipartisanship and ‘transparency’ we heard so much about… House Health Care Proposal Facts\u00a0 On October 29, 2009, Speaker Pelosi introduced H.R. 3962, the Affordable Health Care for America […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1294","post","type-post","status-publish","format-standard","hentry","category-photos"],"_links":{"self":[{"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/posts\/1294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/comments?post=1294"}],"version-history":[{"count":6,"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/posts\/1294\/revisions"}],"predecessor-version":[{"id":2076,"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/posts\/1294\/revisions\/2076"}],"wp:attachment":[{"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/media?parent=1294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/categories?post=1294"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.nhteapartycoalition.org\/tea\/wp-json\/wp\/v2\/tags?post=1294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"Majority](\"http:\/\/www.nhteapartycoalition.org\/images\/kill_bill.jpg\")