- The HSA Coalition - http://www.hsacoalition.org -

$753 Billion in Tax Increases in House Bill, as Modified by the Manager’s Amendment

TOP TEN TAX INCREASES INCLUDED IN H.R. 3962

(as modified by the manager’s amendment)


From the Republican staff of the U.S. House Ways and Means Committee:

1.     SMALL BUSINESS SURTAX (Sec. 551, p. 336)………..………$460.5 BILLION

 

2.     EMPLOYER MANDATE TAX* (Secs. 511-512, p. 308)…………..$135.0 BILLION

 

3.     INDIVIDUAL MANDATE TAX* (Sec. 501, p. 296)………….…..$33.0 BILLION

 

4.     MEDICAL DEVICE TAX* (Sec. 552, p. 339)………………….….$20.0 BILLION

 

5.     $2,500 ANNUAL CAP ON FSAs* (Sec. 532, p. 325)………………….$13.3 BILLION

 

6.     PROHIBITION ON PRE-TAX PURCHASES OF

OVER-THE-COUNTER DRUGS THROUGH

HSAs, FSAs, AND HRAs* (Sec. 531, p. 324)……………………….$5.0 BILLION

 

7.     TAX ON HEALTH INSURANCE POLICIES

TO FUND COMPARATIVE EFFECTIVENESS

RESEARCH TRUST FUND* (Sec. 1802, p. 1162)…….……….……$2.0 BILLION

 

8.     20% PENALTY ON CERTAIN

HSA DISTRIBUTIONS* (Sec. 533, p. 326)…………………………$1.3 BILLION

 

9.     OTHER TAX HIKES AND INCREASED

COMPLIANCE COSTS ON U.S. JOB CREATORS……………….$80.3 BILLION

Ø  IRS reporting on payments to certain businesses

(Sec. 553, p. 344) ……………………………$17.1 BILLION

Ø  Repeal implementation of worldwide interest allocation rules

(Sec. 554, p. 345)……….….………………..$26.1 BILLION

Ø  Cellulosic Biofuel Credit / deny eligibility for “black liquor”

(New Sec. 555, inserted on p. 346)………….$23.9 BILLION

Ø  Override U.S. treaties on certain payments by “insourcing” businesses

(Sec. 561, p. 346)……………………………………….$7.5 BILLION

Ø  Codify economic substance doctrine and impose penalties

(Sec. 562, p. 349)……………………………………….$5.7 BILLION

 

10. OTHER REVENUE-RAISING PROVISIONS………………….….$2.2 BILLION

 

TOTAL TAX INCREASES………….. $752.6 BILLION

 

* = violates President Obama’s pledge to avoid tax increases on Americans earning less than $250,000

 

Sources:  Joint Committee on Taxation, Congressional Budget Office

Note:  All section numbers refer to H.R. 3962 as modified by the manager’s amendment; all page numbers refer to H.R. 3962 as introduced