See the Joint Committee on Taxation’s “Estimated Revenue Effects Of The Amendment In The Nature Of A Substitute To H.R. 4872,” The “Reconciliation Act of 2010,” As Amended, In Combination With The Revenue Effects Of H.R. 3590, The “Patient Protection And Affordable Care Act (‘PPACA’),” As Passed By The Senate, And Scheduled For Consideration By The House Committee On Rules On March 20, 2010.
The Tax Foundation: “In order to finance $940 billion in new health care spending over the next ten years, the health care bill that the House of Representatives passed on Sunday evening contains many spending cuts to Medicare, along with many tax increases that are set to go into effect over the next decade. Courtesy of the Joint Committee on Taxation’s scoring of each of the provisions in the bill and the CBO, this Tax Foundation Fiscal Fact contains a timeline of when each of the tax provisions in the bill is set to go into effect. Note this list includes provisions in the reconciliation bill combined with the Senate bill and not just the Senate bill that Pres. Obama will sign into law this week.”
“Some of the minor provisions are actually retroactive, whereas others such as the tax on high-cost health insurance plans (the so-called “Cadillac tax”) don’t go into effect until 2018. The increased Medicare tax that would for the first time expand part of payroll taxes to investment income, as well as incorporate filing status into a tax unit’s liability, would go into effect in 2013. All starting dates are January 1 of that year, unless otherwise noted. This list is fairly exhaustive, meaning it includes virtually every tax provision. The major provisions, as defined as those projected to raise or lose more than $10 billion within the ten year budget window, are denoted in red.”
The Joint Committee on Taxation explains the major provisions in the new Obamacare bill in a summary released on March 21, 2010 called the “Technical Explanation of the Revenue Provisions of the ‘Reconciliation Act of 2010,’ as amended, in Combination with the ‘Patient Protection and Affordable Care Act‘.” The introduction states:
This document, prepared by the staff of the Joint Committee on Taxation, provides a technical explanation of the revenue provisions contained in the “Reconciliation Act of 2010,” as amended, in combination with the “Patient Protection and Affordable Care Act.” Unless otherwise indicated, all section references are to the Internal Revenue Code of 1986, as amended. References to the “Senate amendment” refer to the Patient Protection and Affordable Care Act, an amendment to H.R. 3590, the engrossed amendment as agreed to by the Senate. References to the “Reconciliation bill” refer to the Health Care and Education Reconciliation Act of 2010, an amendment in the nature of a substitute to H.R. 4872, the Reconciliation Act of 2010, as amended. This document may be cited as follows: Joint Committee on Taxation, Technical Explanation of the Revenue Provisions of the “Reconciliation Act of 2010,” as amended, in combination with the “Patient Protection and Affordable Care Act” (JCX-18-10), March 21, 2010.
Here’s the table of contents:
TITLE I − QUALITY, AFFORDABLE HEALTH CARE FOR ALL AMERICANS
A. Tax Exemption for Certain Member-Run Health Insurance Issuers (sec. 1322 of the Senate amendment, new section 501(c)(29) of the Code, and section 6033 of the Code)
B. Tax Exemption for Entities Established Pursuant to Transitional Reinsurance Program for Individual Market in Each State (sec. 1341 of the Senate amendment) (more…)
Bloomberg.com: “President Barack Obama said on the campaign trail in October 2008 that he wanted to ‘spread the wealth around.’ With Obama on the verge of signing sweeping health-care overhaul legislation, he’s about to do just that.”