Daily Tax Update - June 29, 2012: House Leaders Vow to Repeal Healthcare Reform Law

HOUSE LEADERS VOW TO REPEAL HEALTHCARE REFORM LAW:  House Speaker John Boehner said yesterday that the Supreme Court’s decision to uphold President Obama’s healthcare reform law would "strengthen [the] resolve" of the GOP to repeal it entirely.  The Speaker said that he intends to hold a vote in July to repeal the act.  Boehner said, "There's a lot of resolve amongst our colleagues, and amongst the American people, to stop a law that's hurting our economy, driving up the cost of health care and making it more difficult for employers to hire new workers.  The American people want this bill repealed.  What they really want are common-sense steps that will empower them and their families to choose the doctor they want, at lower cost."

  • House Majority Leader Eric Cantor said that the court ruling "underscores the importance of this election."  Cantor said, "We have entered an age in which the government, Washington, will be controlling health care, unless something changes."  Cantor added, "Then we can clear the way towards trying to again focus on accomplishing a health care future that is premised on patient-centered care, lowering cost and affording better access."
  • Senate Minority Leader Mitch McConnell said, "Americans want it repealed and that's precisely what we're going to do."

CONGRESS PASSES HIGHWAY, STUDENT LOAN BILL:  The House and Senate passed the conference agreement to the highway and student loan bill (Moving Ahead for Progress in the 21st Century Act).  The bill includes reauthorization of surface transportation programs, an extension of reduced student loan rates, and a reauthorization of the flood insurance program.  Gas tax revenues and pension reforms pay for the bill.

  • A summary of the revenue provisions can be accessed here.

TAX BILLS INTRODUCED JUNE 28TH:

1. [112th] H.R.6048:  To amend the Internal Revenue Code of 1986 to repeal the individual and employer health insurance mandates. Sponsor: Rep Turner, Michael R. [OH-3] (introduced 6/28/2012)   Cosponsors (117) Committees: House Ways and Means Latest Major Action: 6/28/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

2. [112th] H.R.6050:  To amend the Internal Revenue Code of 1986 to provide taxpayer protection and assistance, and for other purposes. Sponsor: Rep Becerra, Xavier [CA-31] (introduced 6/28/2012)   Cosponsors (9) Committees: House Ways and Means; House Financial Services Latest Major Action: 6/28/2012 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

3. [112th] H.R.6056:  To amend the Internal Revenue Code of 1986 to extend the energy efficient appliance credit. Sponsor: Rep Stivers, Steve [OH-15] (introduced 6/28/2012)   Cosponsors (1) Committees: House Ways and Means Latest Major Action: 6/28/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

4. [112th] H.J.RES.113:  Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rules submitted by the Department of the Treasury and the Internal Revenue Service relating to the reporting requirements for interest that relates to deposits maintained at United States offices of certain financial institutions and is paid to certain nonresident alien individuals. Sponsor: Rep Canseco, Francisco "Quico" [TX-23] (introduced 6/28/2012)   Cosponsors (6) Committees: House Ways and Means Latest Major Action: 6/28/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

5. [112th] S.3352:  A bill to amend the Internal Revenue Code of 1986 to improve and extend certain energy-related tax provisions, and for other purposes. Sponsor: Sen Bingaman, Jeff [NM] (introduced 6/28/2012)   Cosponsors (2) Committees: Senate Finance Latest Major Action: 6/28/2012 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

6. [112th] S.3355:  A bill to amend the Internal Revenue Code of 1986 to provide taxpayer protection and assistance, and for other purposes. Sponsor: Sen Bingaman, Jeff [NM] (introduced 6/28/2012)   Cosponsors (8) Committees: Senate Finance Latest Major Action: 6/28/2012 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE:  As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

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