Wednesday, December 20, 2017
Healthcare to Be Affected in Massive Tax Overhaul
On Wednesday, the House of Representatives - forced to vote a second time on the proposed tax bill - passed the final version in a 224 to 201 vote, clearing the way for President Donald Trump to sign it into law. Last-minute revisions from the Senate forced another vote, which passed in the Senate chamber 51 to 48, along party lines, just after midnight Wednesday. This is the first major tax law overhaul since 1986.
The final House vote was mainly a formality, as three provisions in the bill - which violated Senate rules and forced them to revise - did not significantly alter the overall bill. Republican lawmakers had hoped to send the bill to Trump after the House voted 227-203 on Tuesday but hit the procedural hurdle, resulting in this morning's last-minute vote.
The bill is expected to cut individual tax rates for eight years and permanently slash the top corporate rate from 35 percent to 21 percent. The legislation also affects part of the Patient Protection and Affordable Care Act (ACA) of 2010 by repealing the requirement that all Americans must carry health insurance or face a penalty. At the time of publication, the bill is on Trump's desk, although it is not clear when he will sign it.
The AOA will continue to monitor and evaluate the effect this legislation will have on healthcare and your practice. Updates will be shared as more develops with the bill's passage.
Report compiled from the New York Times, NPR and the Associated Press.