The delay of three of ObamaCare’s taxes will reduce federal revenue by $31.3 billion over 10 years, the Joint Committee on Taxation (JCT) said Tuesday.
The taxes were delayed as part of the stopgap spending bill that Congress passed Monday in order to end the three-day government shutdown.
The medical device tax was delayed for two years, until 2020, while the “Cadillac” tax on high-cost health plans, which had been set to take effect in 2020, was delayed until 2022. The health insurance tax was suspended for 2019.
The taxes were originally enacted in order to pay for the 2010 health-care law. However, each of them had previously been delayed as part of a bipartisan tax and spending deal in 2015 and have some opposition from lawmakers on both sides of the aisle.
The JCT estimates that delaying the medical device tax will lower revenue by $3.8 billion over a decade, delaying the Cadillac tax will cost $14.8 billion and suspending the health insurance tax will cost $12.7 billion.
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