Daily Tax Update - March 8, 2017: Ways and Means Holds Markup of Affordable Care Act Repeal and Replace Legislation

Ways and Means Holds Markup of Affordable Care Act Repeal and Replace Legislation:  Today, the Ways and Means Committee began what will be a lengthy markup of the proposed replacement for the Affordable Care Act (ACA).  The committee has broken up the bill into five segments for consideration relating to: (1) remuneration from certain insurers; (2) repeal of tanning tax; (3) repeal of certain consumer taxes; (4) repeal of net investment income tax; and (5) repeal and replace of health-related tax policy.  Ways and Means Chairman Kevin Brady (R-TX) delivered the opening statement.  Democratic members of the committee have offered numerous amendments, including one offered by Rep. Lloyd Doggett (D-TX) requiring the committee to request 10 years of President Trump’s tax returns from the Treasury Department.  That amendment was defeated on a procedural vote. 

Overview of Key Tax Provisions in the Affordable Care Act Repeal:  The House Ways and Means Committee released draft budget reconciliation legislative recommendations as part of the legislative process intended to repeal and replace the Affordable Care Act.  The reconciliation recommendations include a number of significant tax provisions.  Click here for more information.