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| Republicans roll out new healthcare bill that keeps Obamacare taxes on the wealthy | |
| (35 minutes later) | |
| To save their bid to repeal and replace Obamacare, Senate Republican leadership is rolling out a new version of its healthcare bill that will keep a pair of taxes on the rich to help keep health insurance costs down. | |
| The latest version of the measure would provide roughly $70bn in additional funds for states to use to help lower premiums and keep down out-of-pocket costs for healthcare. The bill had already included more than $100bn for these purposes. | The latest version of the measure would provide roughly $70bn in additional funds for states to use to help lower premiums and keep down out-of-pocket costs for healthcare. The bill had already included more than $100bn for these purposes. |
| To help provide this additional funding, the revised Senate healthcare plan will keep in place two Obamacare taxes on the wealthy and retain its limit on corporate tax deductions for executive pay in the health insurance industry. | To help provide this additional funding, the revised Senate healthcare plan will keep in place two Obamacare taxes on the wealthy and retain its limit on corporate tax deductions for executive pay in the health insurance industry. |
| The taxes on the wealthy – a 3.8 per cent net investment tax and a 0.9 per cent payroll tax that helps finance Medicare, a healthcare programme for seniors – apply to individuals with incomes above $200,000 and married couples making more than $250,000. | |
| The revised bill would also allow insurers, under certain conditions, to offer health plans that do not comply with standards in Obamacare. Under that law, insurers sell regulated health plans on a public insurance exchange in each state. | The revised bill would also allow insurers, under certain conditions, to offer health plans that do not comply with standards in Obamacare. Under that law, insurers sell regulated health plans on a public insurance exchange in each state. |
| Despite the changes to the bill, Senate Majority Leader Mitch McConnell still appears far from having the 50 votes he needs to pass the legislation. With a majority of 52 Republicans, he can only afford to lose two 'yea' votes. All Democrats are expected to vote 'no'. | |
| By keeping the Obamacare taxes on the wealthy, Mr McConnell could be losing the support of conservative members, who have asserted that the bill does not do enough to erase Democratic former President Barack Obama's signature domestic legislation. | |
| In an interview with the Christian Broadcasting Network on Wednesday, Donald Trump said that he would be "very angry" if he does not get a bill on his desk to repeal and replace Obamacare. |