H.R. 3590 is intended to expand access to health insurance, reform the health insurance market to provide additional consumer protections, and improve the health care delivery system to reduce costs and produce better outcomes. The bill would expand insurance coverage to 94% yet leaving 24 million Americans without insurance coverage, at the same time suppose to improve the functioning of the individual and small group insurance markets. The Congressional Budget Office estimates that the legislation will reduce the number of uninsured by 32 million in 2019 at the net cost of $938 billion over ten years, while reducing the deficit by $124 billion during this time period.
All individuals will be required to have health insurance by 2014. Penalties will occur for not have insurance by then by assessing a $695 per person and maximum of $2,085 per family, or 2.5% of household income. This penalty will be phased-in from 2014-2016. The penalty does have exceptions such as, financial hardship, religious objectives, American Indians, people who have been uninsured for less than three months, those whom the lowest cost health plan exceeds 8% of income, and those whom have income under the tax filing threshold. This is the main objective (individual mandate) of this bill but there are other provisions in the bill that will be covered at the same time such as:
* Expansion of Public Programs.
* American Health Benefit Exchanges.
* Changes to Private Insurance.
* Employer Requirements.
This is the figures brought to paper in 2010; there are many different views on the accuracy and legitimacy of this bill regarding the figures such as costs and purpose of the bill. The bill also creates a higher tax to the public for the reason of paying for health care across the country. The government has to get the money from somewhere to fund this and it would be through taxes throughout the ten years.
Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act 2011 This act reinstates the status quo for form 1099 reporting prior to the enactment of the 2010 Patient Protection and Affordable Care Act and 2010 Small Business Jobs Act. This act specifically repeals:
* The requirement for businesses, charities, and governmental entities to report payments to companies of merchandise purchased in the aggregate of $600 or more. (originally effective 2012).
* The requirement for rental property owners to report expense payments in the aggregate of $600 or more (originally effective 2011) * The requirement for businesses, charities, and governmental entities, and rental property owners to report payments for services and merchandise to corporations (other than attorneys and certain health care providers) in the aggregate of %600 or more (originally effective 2012).
Repeal of expansion of information reporting requirements to payments made to corporations and to payments for property and other gross proceeds effective date is 12-31-2011. Repeal of expansion of information reporting requirements for rental property expense payments effective date is 12-31-2010. Increase in amount of overpayment of health care credit which is subject to recapture effective date is 12-31-2013. The repeal of the expanded form 1099 reporting requirements means that businesses and property owners need not worry about drowning in paperwork or risking IRS penalties for failure to file the newly required form 1099. Thus eliminating SOME stress for business and property owning personal.