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Republicans could target Obamacare tax in wider tax overhaul - Brady
Source: Reuters
#POLITICS
JULY 19, 2017 / 12:41 PM / 13 HOURS AGO
Exclusive: Republicans could target Obamacare tax in wider tax overhaul - Brady
David Morgan
WASHINGTON (Reuters) - Republicans will consider using planned tax reform to eliminate one of the biggest taxes in Obamacare, if the Senate fails to overturn the healthcare law, a senior Republican in the U.S. House of Representatives said on Wednesday.
Kevin Brady, the top Republican on tax policy in the House as chairman of the Ways and Means Committee, said Republicans will look at the 3.8 percent Net Investment Income Tax in discussions aimed at unveiling a tax reform plan in September. The levy is a weight on economic growth, he said in an interview with Reuters.
Efforts by Republicans to overhaul or repeal the Affordable Care Act, known as Obamacare, collapsed in the Senate on Tuesday in a major setback for Republican President Donald Trump. Given a wholesale repeal or overhaul now seems imperiled, Republicans are looking at other ways to attack a law they have vowed to overturn since it was signed by Democratic former President Barack Obama seven years ago.
Brady said tax legislation was unlikely to be able to include the repeal of other Obamacare taxes. Doing so would result in about $1 trillion in additional revenue losses over a decade, cutting into efforts to avoid adding to the federal deficit in the overall tax package, he said.
-snip-
JULY 19, 2017 / 12:41 PM / 13 HOURS AGO
Exclusive: Republicans could target Obamacare tax in wider tax overhaul - Brady
David Morgan
WASHINGTON (Reuters) - Republicans will consider using planned tax reform to eliminate one of the biggest taxes in Obamacare, if the Senate fails to overturn the healthcare law, a senior Republican in the U.S. House of Representatives said on Wednesday.
Kevin Brady, the top Republican on tax policy in the House as chairman of the Ways and Means Committee, said Republicans will look at the 3.8 percent Net Investment Income Tax in discussions aimed at unveiling a tax reform plan in September. The levy is a weight on economic growth, he said in an interview with Reuters.
Efforts by Republicans to overhaul or repeal the Affordable Care Act, known as Obamacare, collapsed in the Senate on Tuesday in a major setback for Republican President Donald Trump. Given a wholesale repeal or overhaul now seems imperiled, Republicans are looking at other ways to attack a law they have vowed to overturn since it was signed by Democratic former President Barack Obama seven years ago.
Brady said tax legislation was unlikely to be able to include the repeal of other Obamacare taxes. Doing so would result in about $1 trillion in additional revenue losses over a decade, cutting into efforts to avoid adding to the federal deficit in the overall tax package, he said.
-snip-
Read more: http://www.reuters.com/article/us-usa-congress-brady-tax-exclusive-idUSKBN1A41X1
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