Trump Calls for Individual Mandate Repeal
November 13, 2017
President Trump calls for repeal of ObamaCare’s individual mandate and cuts to top tax rate; Annual defense policy bill nearly complete; Analysis determines that Senate tax bill would make taxes jump for many earning under $200,000.
- President Trump calls for repeal of ObamaCare’s individual mandate and cuts to top tax rate. Trump on Monday said the final GOP tax bill should repeal the ObamaCare individual mandate for health insurance and cut the top individual tax rate to 35 percent. Currently, repeal of the mandate is not in either of the House or Senate bills, yet GOP lawmakers say the issue is still being discussed. Senate Democratic Leader Charles Schumer (D-N.Y.) criticized Trump’s comments in his own statement, saying that the president’s blue-collar, middle class supporters would be adversely affected. Currently, both the House and Senate bills have top individual tax rates above 35 percent, with the House bill keeping the top individual tax rate at 39.6 percent, while the Senate bill lowers the top rate slightly to 38.5 percent. [The Hill]
- Annual defense policy bill nearly complete. The House Rules Committee is scheduled to meet on Monday evening to compromise on the National Defense Authorization Act (NDAA). House and Senate negotiators agreed to a bill that would authorize a total of $692.1 billion in defense spending, comprised of $626.4 billion for the base defense budget and $65.7 billion for a war fund known as the Overseas Contingency Operations (OCO) account. [The Hill]
Economic Updates and News
- Analysis determines that Senate tax bill would make taxes jump for many earning under $200,000. Congressional analysts from the nonpartisan Joint Committee on Taxation determined that the Republican Senate tax bill would increase taxes in 2019 for 13.8 million U.S. households earning less than $200,000 per year. About 10 percent of taxpayers would face a tax increase of $100-$500 in 2019. Meanwhile, a number of taxpayers, especially those with incomes between $75,000 and $200,000, would face increases greater than $500. [CNBC]