timberland snow boots for men House GOP weighs repeal of health mandate in tax bill
Ryan, R Wis., told “Fox News Sunday” that “a lot of members are suggesting” that the House include the repeal, though he did not weigh in personally on how to deal with the coverage mandate.
Equally as evasive was the second ranking House GOP leader: “Well, I know people are talking about it,” Rep. Kevin McCarthy, R Calif., said on CBS'” Face the Nation.” He added: “Look, my focus is on tax. As the individual mandate goes, I would not be opposed to that. But I want to see this bill go forward.”
The Congressional Budget Office has estimated that repealing the individual mandate would save $416 billion over a decade. That’s because without it, fewer people would enroll in Medicaid or buy federally subsidized coverage on insurance exchanges.
Republicans are likely to make changes to the measure to ease opposition among some GOP lawmakers as the Ways and Means Committee takes up the plan. Some want to broaden tax relief to include more small businesses, while others are upset at a provision eliminating a tax credit for adoption expenses.
For example, the GOP proposal eliminates the deduction for state and local income taxes, and caps the deduction for state and local property taxes at $10,000. Some lawmakers from New York and New Jersey oppose the change. tax code in three decades, mixing sharp tax cuts for corporations and businesses with more modest relief for individuals. An inflation change to tax brackets announced on Friday reduced the tax cut to individuals by $89 billion over 10 years. Many earners in the upper middle class, especially those from high tax states, are facing tax increases.
In examining the GOP’s tax bill, Congress’ Joint Committee on Taxation projected that the expiration of certain tax breaks would result in tax increases for some income groups in some years.
An analysis from the liberal Center on Budget and Policy Priorities said the committee’s projections showed the tax cuts would overwhelmingly benefit the wealthiest households. Meanwhile, the joint committee’s analysis indicated that tax filers with incomes between $20,000 and $40,000 would pay higher individual income taxes in 2023 and each year thereafter, as would filers with incomes between $200,000 and $500,000.
“They give with one hand and take away with the other,” said Minority Leader Nancy Pelosi, D Calif.
The bill would telescope today’s seven personal income tax brackets into four: 12 percent, 25 percent, 35 percent and 39.6 percent. The 25 percent rate would start at $45,000 for individuals and $90,000 for married couples.
The standard deduction used by people who don’t itemize, around two thirds of taxpayers would nearly double to $12,000 for individuals and $24,000 for couples. That’s expected to encourage even more people to use the standard deduction with a simplified tax form Republicans say will be postcard sized.