Daily Tax Update - March 6, 2017: Ways and Means Releases Healthcare Repeal and Replace Legislation

Ways and Means Releases Healthcare Repeal and Replace Legislation:  The House Ways and Means Committee released legislation to repeal and replace the Affordable Care Act through a budget process known as reconciliation.  The Ways and Means legislation, called the American Health Care Act, removes many of the taxes and mandates of the Affordable Care Act over the next three years, including the individual and employer mandate penalties and taxes on prescription drugs, over-the-counter medications, health insurance premiums, and medical devices.  The legislation provides for a monthly tax credit to individuals and families who do not receive insurance through work or government programs. The Committee has scheduled a markup of the legislation on Wednesday, March 8.