Health care reform continues to be at the forefront of legislative agenda. No doubt you have heard or read many reports through various news outlets. With so much going on in recent days, it can get pretty confusing. The biggest news thus far is the advancement of a bill in the U.S. House of Representatives by two committees.
The 1,018-page bill maintains the employer-based health insurance system, and extends coverage to all uninsured with a public option. It also requires private insurers to offer policies to all willing buyers and bars them from charging higher premiums based on pre-existing conditions.
To pay for it all, the bill requires individuals who earn enough to file taxes to have insurance or pay a 2.5% penalty on the difference between one's adjusted gross income and the tax filing threshold. It also requires that businesses provide insurance, and that a tax be imposed on such employer-provided benefits. Businesses that don't will pay a payroll tax ranging from 2-8%. The bill also implements a 1% to 5.4% surtax on individuals who make $280,000 or more annually. This is all in addition to the Medicare and Medicaid cuts discussed here previously.
Though the bill was pushed through by House democrats, it was met with criticism by two unlikely, but influential individuals - Douglas Elmendorf, chief of the Congressional Budget Office and President Obama. President Obama opposes taxing employer-provided benefits, and Mr. Elmendorf says the overall bill doesn't reduce the cost of health care to the federal budget over the long-term. Politicians drafting the bill are now re-working the bill to appease President Obama and other influential critics. According to the Chairman of the Senate Finance Committee, Sen. Max Baucus (D-Montana) "Basically, the president is not helping us."
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Blog entry sources: Wall Street Journal, CNN, Associated Press
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