Insurance coverage and taxes are set to come into focus at the end of the year as Congress debates whether to overhaul the nation’s tax code.
While Congress is set to begin debating legislation on Jan. 17, lawmakers are already working on what is likely to be a lengthy process.
In some ways, the debate will be different than it has been in years past, because many of the changes will be implemented through an overhaul of the tax code, a process that is already in the process of being enacted into law.
For now, the two sides are focusing on a proposal from Sen. Orrin Hatch (R-Utah) to make changes to the way taxes are calculated.
Hatch said in a statement Tuesday that the tax bill will address some of the problems with current tax code and will provide more flexibility for people with high-deductible plans, and it will provide a plan for the “generations to come.”
But as we look ahead to the 2018 elections, we’re seeing a lot of attention to how taxes will affect the future of insurance, which is going to shape the economy for decades to come.
And that’s a real problem.
Hatch’s bill would significantly increase the amount of money individuals and families would have to pay to cover the cost of insurance premiums and deductibles in 2019, with the amount increasing to $100,000 for individuals and $200,000 or $300,000 per family for families.
Hannity’s proposal would also add a new tax to help cover the costs of premiums and deductible deductibles, and would raise the individual tax rate from the current 10% to 17%, the tax rates on some other high-income taxpayers would rise to 23%, and the standard deduction would rise from $12,000 to $24,000.
The Tax Policy Center, a nonpartisan think tank, says that if Hatch’s proposal becomes law, it would result in an increase in the federal deficit of $1.1 trillion.
In his statement Tuesday, Hatch said he will introduce a tax reform plan that will “improve the ability of families and individuals to afford insurance while keeping premiums down and providing more certainty for taxpayers and employers.”
He said that the bill will include new taxes that will provide relief to millions of Americans who currently pay lower premiums than they did before the law was passed, while also helping to close loopholes and lower the rates paid by individuals and small businesses.
For his part, Hatch is not advocating a wholesale overhaul of our tax code but instead the creation of a new system that allows for greater flexibility for families and businesses to pay their fair share, and to reduce the cost and burdens that businesses must bear.
The Hatch bill, he said, “is a way to ensure that future generations have a better deal than we have now.”
For years, Hatch has argued that the current tax system is unfair to people who make more money, who are more likely to save, and who have lower deductibles and higher premiums.
The new law would provide a mechanism to increase the tax burden on the very wealthy and the very well-off, he wrote in his statement.
It will allow those with high incomes and large savings to lower their taxable income, and allow those making more money to make more deductions, which will allow them to keep more of their wealth.
“If we are going to fix the problem, we have to fix it right now,” Hatch said.
“We are doing that by eliminating the deductions and exemptions that have enabled the rich and the well-to-do to keep so much of their money in the bank.
They are the ones that should pay more and be taxed more.”
Republicans have largely supported Hatch’s plan to lower taxes for Americans making over $200 and $400, but the issue of how to pay for the changes remains.
Republicans have been discussing ways to tax the rich more heavily in recent years, but not without significant criticism.
Democrats, particularly those in the Senate, have argued that raising taxes on the wealthy should not be the only part of the revenue stream.
A proposal to increase taxes on people making over that amount has been floated for years, and Sen. John McCain (R) (R-) has long been one of the more vocal proponents of a tax hike on high earners.
The Hatch bill would not necessarily affect the amount individuals would be able to deduct from their tax bill, but it would make it easier for them to get a credit on their taxes, which would help pay for some of those costs.
The bill would also allow people to get additional credits for medical expenses and child care expenses, as well as to make some tax savings that would allow them pay less in taxes.
The House GOP proposal would not include those changes.
Hutch said in his press conference that the Senate proposal would add a small tax credit for people making $500,000 and $1 million, which Republicans argue will encourage more Americans to take