October 29th, 2009 11:57 am
Major Tax Provisions in House Bill
- Sec. 345. Income determinations. To determine income, the Health Choices Commissioner uses income data from the individual’s most recent tax return.
- Sec. 501. Tax on individuals without acceptable health care coverage. Provides for a 2.5% additional tax on the modified adjusted gross income of an individual who does not obtain acceptable health coverage…
- Sec. 511. This section also provides for an excise tax that applies to an offering employer if the employer fails to follow the rules governing an offer of coverage.
- Sec. 512. Health care contributions of non-electing employers. Establishes a payroll tax of 8% of the wages that an employer pays to its employees for employers who choose not to offer coverage.
- Sec.541. Disclosures to carryout health insurance exchange subsidies. Permits the Exchange to receive taxpayer return information from the Internal Revenue Service…
- Sec. 551. Surcharge on high income individuals. Establishes a 5.4 percent tax on modified adjusted gross income in excess of $1 million in the case of a joint return ($500,000 in the case of other returns).
- Sec. 552. Excise tax on medical devices. Establishes a 2.5 percent excise tax on medical devices sold for use in the U.S.
Click here for the House health care bill. Warning: it’s 1,990 pages.
Update: Here is a short 4-page propaganda summary from the House Ways and Means Committee.