THIS MAGIC MOMENT (JAY AND THE AMERICANS) Music Video — House to Unveil Plan With Public Option, Wealth Tax — BREAKING: Comprehensive List of Taxes In House Democrat Health Bill — Pence: Pelosi plan is “Freight Train of Big Government” Video — CBO Puts House Health Bill Total Cost At $1.055 Trillion — GOP’s COMMON-SENSE HEALTH CARE REFORMS OUR NATION CAN AFFORD
Wait, Did Pelosi Just Get Sworn In As President? Photo by Tim Sloan/AFP/Getty
Pelosi marched into the event to her own personal soundtrack, “Elevation” by U2
High, higher than the sun
You shoot me from a gun
I need you to elevate me here
At the corner of your lips
As the orbit of your hips
You elevate my soul
I’ve got no self control
Been living like a mole now
Going down, excavation
I believe the below “MAGIC MOMENT” song is more appropriate for the above losers…
Ad Of The Day (h/t: Don Suber)
By James Rowley and Kristin Jensen
Oct. 29 (Bloomberg) — U.S. House leaders today plan to unveil legislation that would create a government-run health- insurance program, require employers to offer coverage to their workers and impose a new tax on the wealthiest Americans.
The legislation comes after three months of negotiations by House Democrats and represents the most sweeping changes to the nation’s health-care system since the 1965 creation of the federal Medicare program for the elderly. The measure would overhaul the insurance market, encourage greater use of preventive medicine and help Americans buy coverage.
“We think we’ll have the votes,” said California Representative George Miller, who runs the House Education and Labor Committee, after meeting with fellow Democrats yesterday. Formal debate is planned for next week, Miller said.
Lawmakers said House Speaker Nancy Pelosi agreed to a compromise over one of the most divisive issues facing Congress — the establishment of the government insurance program to compete with private insurers try to and drive down costs.
Lacking votes for a program that would tie the program’s reimbursements to doctors to the lower rates paid by Medicare, Pelosi settled on a plan that would instead negotiate rates with providers, as private insurers do, lawmakers said.
Pelosi’s office scheduled a news conference for this morning in Washington to announce the legislation. The measure would cost $894 billion over 10 years and extend coverage to 36 million uninsured Americans, according to a preliminary Congressional Budget Office estimate, House Democrats said.
The campaign to revamp the health system still faces major hurdles. The Senate is also considering legislation, and Majority Leader Harry Reid is struggling to reach consensus on a host of issues including a public option that would allow states to opt out of the program.
If both the House and Senate pass their own versions of the bill, lawmakers must work together on a compromise before a new round of votes, a process that may take months.
The House measure, which lawmakers said the Congressional Budget Office estimated will cost less than $900 billion over 10 years, is the product of work done by three committees and White House officials. President Barack Obama has made health care his top domestic priority and said he wants to sign a bill into law by the end of the year.
The legislation aims to extend coverage to tens of millions of uninsured Americans while curbing rising medical costs and cutting hundreds of billions of dollars in spending. Proposals in both the House and Senate would require all Americans to get insurance, creating purchasing exchanges and increasing government aid to help lower-income Americans.
The measures also encourage greater use of preventive care, electronic records and research on the effectiveness of treatments. Under all the plans, insurers would have to accept new clients, regardless of preexisting conditions.
Miller said House leaders favor an expansion of the government Medicaid program for the poor, which could cost the federal government less than providing subsidies to help people buy insurance. The plan would expand eligibility to people whose incomes are 150 percent of the official poverty level, a congressional aide said, up from 133 percent in the original House proposal.
House lawmakers have also backed a requirement that employers offer insurance or pay a penalty. That is a subject of debate in the Senate, where the health committee included a mandate and the finance panel rejected it…]
Americans For Tax Reform – From Ryan Ellis
H.R. 3962, the “Affordable Health Care for America Act” has been introduced–all 1990 pages of it. This gargantuan beast contains thirteen new tax hikes. Here they all are, with description and page number (PDF version):
Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<$500,000), 2 percent ($500,000-$585,000), 4 percent ($585,000-$670,000), and 6 percent ($670,000-$750,000).
Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.
Medicine Cabinet Tax (Page 324): 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.
Cap on FSAs (Page 325): FSAs would face an annual cap of $2500 (currently uncapped).
Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): 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.)
Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.
Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.
Excise Tax on Medical Devices (Page 339): 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.
Corporate 1099-MISC Information Reporting (Page 344): 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.
Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act
Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.
Codification of the “Economic Substance Doctrine” (Page 349): 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.
Application of “More Likely Than Not” Rule (Page 357): 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.
By Martin Vaughan, Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The Congressional Budget Office said Thursday a U.S. House health-care system re-write would extend health insurance to 96% of the nonelderly U.S. population by 2019, and spend $1.055 trillion to do so.
Penalties imposed on individuals who did not purchase insurance, and employers who did not offer coverage to their workers, would raise $161 billion over that time-frame. That brings the net cost of the bill to $894 billion through 2019, CBO said.
House Democrats have seized on that net cost figure to claim that their bill is below President Barack Obama’s upper limit which he set for health-care legislation of $900 billion.
The $1.055 trillion estimate also does not include $245 billion needed to stop Medicare payments to doctors from decreasing, which the House plans to address through separate legislation introduced Thursday.
The costs of the bill are fully offset by cuts to existing spending programs– including the Medicare Advantage and other programs–saving $426 billion through 2019, and by tax increases raising $572 billion over that time, CBO said. In fact, the combined impact of provisions in the bill would be a net deficit reduction of $104 billion in the next decade, according to CBO.
CBO also said the House bill would not add to the deficit in the first decade beyond 2019–a key condition for support from fiscally conservative House Democrats.
CBO Director Doug Elmendorf, in a Thursday letter to House Democratic Chairmen, cautioned that his estimates are preliminary and “subject to substantial uncertainty.”
House leaders capped weeks of internal negotiations among Democrats today by unveiling the sweeping legislation. They aim to bring the bill to a vote by the full House by the end of next week.
The bill would create exchanges where people who do not have access to health insurance from their employer could buy coverage. It would create a government- sponsored plan to compete with private plans.
The bill would reduce the number of uninsured in the U.S. by 36 million by 2019. By that time, 30 million people would be covered through the insurance exchanges, of which 6 million would be covered by the public option.
An expansion in eligibility rules for the Medicaid program would bring an additional 15 million enrollees to Medicaid by 2019, CBO said.
COMMON-SENSE HEALTH CARE REFORMS OUR NATION CAN AFFORD
“It’s time to start over on a common-sense, bipartisan plan focused on lowering the cost of health care while improving quality. That’s what I heard over the past several months in talking to thousands of my constituents. Replacing your family’s current health care with government-run health care is not the answer. We can do better, with a targeted approach that tackles the biggest problems.”
– Rep. Charles Boustany, Jr. , MD, September 9, 2009
The American people have spoken. They oppose government-run health care. Republicans are on the side of the American people.
What Americans want are common-sense, responsible solutions that address the rising cost of health care and other major problems. In the Republican address following President Obama’s speech to a Joint Session of Congress on Wednesday, September 9, 2009, Dr. Charles Boustany (R-LA) outlined a series of such solutions:
- “We do need medical liability reform, and it needs to be real reform. We need to establish tough liability reform standards, encourage speedy resolution of claims, and deter junk lawsuits that drive up the cost of care.”
- “Let’s also talk about letting families and businesses buy insurance across state lines. I and many other Republicans believe that will provide real choice and competition to lower the cost of health insurance.”
- “All individuals should have access to coverage, regardless of preexisting conditions.”
- “Individuals, small businesses and other groups should be able to join together to get health insurance at lower prices, the same way large businesses and labor unions do.”
- “We can provide assistance to those who still cannot access a doctor.”
- “[I]nsurers should be able to offer incentives for wellness care and prevention – something particularly important to me. I operated on too many people who could have avoided surgery if they’d simply made healthier choices earlier in life.”
For more information about these and some of the other common-sense health care reforms proposed by Republicans, please visit these links:
- House GOP Health Care Solutions Group Plan (Unveiled June 17, 2009)
- Empowering Patients First Act (Republican Study Committee Health Care Reform Bill, unveiled July 30, 2009)
- Improving Health Care for All Americans Act (Shadegg Health Care Reform Bill, introduced July 14, 2009)
- Patients’ Choice Act (Ryan-Nunes Health Care Reform Bill, introduced May 20, 2009)
- Medical Rights & Reform Act (Kirk-Dent Health Care Reform Bill, introduced June 16, 2009)
- Help Efficient, Accessible, Low-cost, Timely Healthcare (HEALTH) Act (Gingrey medical liability reform bill, introduced June 6, 2009)
- Small Business Health Fairness Act of 2009 (Johnson small business health plans bill, introduced May 21, 2009)
- Promoting Health and Preventing Chronic Disease through Prevention and Wellness Programs for Employees, Communities, and Individuals Act of 2009 (Rep. Castle Wellness & Prevention Bill, introduced July 31, 2009)
- Improved Employee Access to Health Insurance Act of 2009 (Rep. Deal auto-enrollment bill, introduced October 15, 2009)
- Health Insurance Access for Young Workers and College Students Act of 2009 (Rep. Blunt bill to improve health insurance coverage of dependents, introduced October 21, 2009)
- 31 Common-Sense Changes Republicans Offered to Improve Democrats’ Health Care Bill (GOP Leader Alert, July 28, 2009)
- House Republican Leaders’ Letter to President Obama [PDF] Outlining Areas for Common Ground on Health Care Reform (May 13, 2009)
- Cleveland Plain Dealer: GOP health care reform proposals focus on medical liability reform & competition to lower costs (October 17, 2009)
Related Previous Posts:
Washington Times: House health bill event closed to public
Politico: GOP: Pelosi blocked us from announcement
Real Clear Politics: House Leader Calls Health Bill “1,990 Pages Of Bureaucracy”
Investors: A 1,990-Page Medical Monstrosity
Kaiser Health News: Finance Bill’s Fine Print May Cause Sticker Shock For Some Consumers
Dick Morris: REID’S BAIT-AND-SWITCH TACTICS
Big Government: Pelosi Health Care Bill Blows a Kiss to Trial Lawyers
SF Politics Examiner: Speaker Pelosi’s arrogance–a San Francisco tradition
Updated: Added CBO Newswire Article, GOP Healthcare Solutions, & Updated Related Links – end