Daily Tax Update - October 5, 2009

TEXT OF FINANCE HEALTH CARE BILL RELEASED:  The text of the Senate Finance health care bill has been posted on the committee’s website. The Committee is expected to vote on the bill sometime this week.  Senate Democrats have begun merging the Finance version with the bill passed by the Senate Health, Education, Labor and Pensions Committee. Senate Majority Leader Harry Reid is hopeful to begin debating the bill on October 13. 

• The document can be accessed here. 
• Meanwhile, House Democratic leaders are working to combine the House Committees' health care reform bills before bringing a bill to the full House for a vote. A date has not been set for floor action. 
• More than 100 Democrats sent House Speaker Nancy Pelosi a letter on Friday stating their opposition to the tax on high cost “Cadillac” insurance provision in the Senate Finance Committee’s plan. Their letter, circulated by Rep. Joe Courtney, stated, “The purpose of this letter is to put a big red flag in front of the White House and the congressional leadership...This will be a problem.” Courtney said that he was optimistic that the bill would eventually be passed. Courtney stated, “There is enough momentum now that I would disagree with the characterization that it's going to be impossible to meld the two sides...My hope is it will be by Thanksgiving, and my honest opinion is closer to Christmas.”

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