Business lobby opposes tax rise to fix health care system
Business lobby opposes tax rise to fi평택출장마사지x health care system
The Senate Finance Committee passed an amendment Tuesday night to repeal a controversial tax that is scheduled to be paid for by the health care law for the next 10 years — but only if lawmakers can find savings in federal spending on programs for the poor and middle class.
The amendment is meant to force passage of a tax bill that is far less costly than an earlier House-passed measure to reinstate the Obama-era tax cuts, which would generate $337 billion in new revenue over 10 years and reduce the deficit by nearly $600 billion over that period.
The House plan provides $338 billion in relief for the poor and middle class by allowing the corporate rate on income to increase from 35 percent to 39.6 percent — instead of 28 percent — and to phase out deductions and loopholes. The Senate bill, by a wide margin, adds $337 billion in tax relief for the wealthy through a new 10 percent top rate on dividends and other income generated outside the United States.
Republicans and Democrats on the Senate Finance Committee, chaired by Majority Whip John Cornyn of Texas, and the House Ways and Means Committee, chaired by House Speaker Paul Ryan of Wisconsin, said in their amendments to repeal the health care tax that it needs to be paid for by repealing other taxes. They say the tax rate increase will only reduce the deficit over the next decade when they both allow the deficit to go dow공주안마 공주출장안마n in the long term by a bigger amount.
The Democrats, however, had their own amendment to undo the tax that would do the same thing. They added $3.2 billion in savings for the poor and middle class.
“The Senate and the House of Representatives have come up with a package of ways to ensure a fair and orderly budget year and avoid a deficit. The House and Senate have come up with the same cuts that both parties agree on,” said Sen. Mike Lee, R-Utah, the ranking member on the Senate Finance Committee. “We have to put that up on the floor and bring up the budget.”
Sen. Dean Heller, R-Nev., the ranking Republican on the Senate Health, Education, Labor and Pensions Committee, said it is “incredibly disappointing” that lawmakers have reached yet another agreement to reduce the deficit and get rid of the health care tax. He said it is disappointing that the GOP tax bill doesn’t include the cost of the tax hike for mid우리 카지노dle-class families who may lose out by lessening the number of Americans with health insurance.