The Senate’s new healthcare reform proposal phases out burdensome taxes and mandates from the Affordable Care Act, suggesting that relief for small business is on the way. Released Thursday, the bill would rollback billions of dollars in taxes on businesses, cap funding for the Medicaid program, and limit its expansion, according to the Wall Street Journal.
“The Senate provides massive tax relief by eliminating 11 of the most burdensome Obamacare taxes, which are crushing small businesses and driving up costs,” President and CEO Juanita Duggan said in a press release. “It also eliminates the onerous mandates that discourage job creation, expansion, and investment.”
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The Senate’s proposal mirrors parts of the House bill passed last month, like sustaining the Affordable Care Act’s tax credits that make health insurance more affordable. But, the Senate bill diverges from the House’s plan by restructuring the credits and changing income eligibility. Federal funding for Medicaid would be limited, and states would be given two options on how to allocate healthcare funding.
Under the new proposal, most of the Affordable Care Act’s taxes would be overturned, including the 3.8 percent investment income tax. The repeal of the 0.9 percent payroll tax would be delayed as well.
“Obamacare has been very damaging to small business owners, who continue to struggle with escalating premiums and disappearing choices,” said Duggan.
Majority Leader Mitch McConnell has expedited the process for healthcare reform, and a vote before the July 4 recess is now within reach.
“This is long overdue, and it is what small business owners want and expect from this Congress,” said Duggan. “We urge the Senate to pass the bill before the July 4th recess.”
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