The Latest: Hatch defends ‘Obamacare’ repeal in tax bill
Associated Press
WASHINGTON (AP) — The Latest on the Republican tax overhaul legislation (all times local):
11 a.m.
The head of the Senate's tax-writing committee is defending the decision to include in the tax bill a repeal of the Obamacare requirement for Americans to get health insurance.
Republican Sen. Orrin Hatch, the chairman of the Senate Finance Committee, said Wednesday the requirement that nearly everyone have insurance coverage or face a fine is a tax.
Hatch said that's a "terribly regressive tax that imposes harsh burdens on low- and middle-income taxpayers." His panel started a third day of work Wednesday on the tax overhaul legislation.
Democrats angrily protested the move. Repealing the mandate would raise an estimated $338 billion that could help pay for deep tax cuts, especially for corporations. Budget analysts say it would push 13 million Americans off the insurance rolls over the next decade.
3:43 a.m.
The Obama health care law's requirement that Americans get insurance coverage is now pinned as a target of Republican lawmakers. They are looking to end the individual mandate to help pay for deep tax cuts.
Senate Republicans showed Tuesday they're intent on scrapping the Affordable Care Act's insurance mandate, and the idea was endorsed by scores of GOP lawmakers in the House.
The surprise renewal of the failed effort to eliminate the law's mandate came a day after President Donald Trump renewed pressure on Republican lawmakers to include the repeal in their sweeping legislation to revamp the tax system.
Republicans Set Stage For Crucial Tax Overhaul Votes
MassMutual Dividend Streak Hits 150 Years
Advisor News
- Demonstrating the value of life insurance to Gen Z
- Poor money habits are a dealbreaker in a new relationship
- DC plan sponsors see opportunity in alternatives
- The American Dream: Redefined as financial stability
- Partial annuitization: How advisors can help clients balance income, growth
More Advisor NewsAnnuity News
- CA judge certifies class action in teachers’ lawsuit over in-plan annuity fees
- Globe Life Inc. (NYSE: GL) Records 52-Week High Thursday Morning
- AM Best Managing Director Joins ‘Target Topics’ Podcast to Discuss State of Delegated Underwriting Authority Enterprises Market
- KBRA Assigns Rating to TruSpire Retirement Insurance Company
- Partial annuitization: How advisors can help clients balance income, growth
More Annuity NewsHealth/Employee Benefits News
- Connecticut health insurance exchange shifts enrollment dates after federal changes
- Iowa health insurers propose premium increases for ACA customers
- NEW REPORT: THOUSANDS OF IOWANS FACING HIGHER HEALTH INSURANCE PREMIUMS NEXT YEAR THANKS TO ASHLEY HINSON
- RECAP: IOWANS CALL OUT ASHLEY HINSON FOR VOTING TO RAISE THEIR HEALTH INSURANCE PREMIUMS
- SENATOR MARSHALL INTRODUCES BILL REQUIRING INSURERS TO COVER RESTORATIVE CARE FOLLOWING HARMFUL GENDER TRANSITION PROCEDURES
More Health/Employee Benefits NewsLife Insurance News
- Globe Life Inc. (NYSE: GL) Records 52-Week High Thursday Morning
- AM Best Upgrades Credit Ratings of Sagicor Financial Company Ltd. and Most of Its Subsidiaries
- Trust, technology and the future of claims
- New York Life Launches an Indemnity Benefit for its Asset Flex Long-Term Care Insurance Solution
- AM Best Affirms Credit Ratings of DB Insurance Co., Ltd.
More Life Insurance News