Healthcare Medical Feed

Here's a look at eight Affordable Care Act taxes that Republicans in both the House and Senate agree on eliminating. Senate Minority Leader Sen. Chuck Schumer (D-New York), joined by Sen. Patty Murray (D-Washington) and a mostly hidden Sen. Ron Wyden (D-Oregon) held a press conference today to denounce as "meaner" their GOP Senate colleagues' version of health care reform to replace Obamacare. (Photo courtesy Sen. Schumer's Twitter account) The Senate today finally revealed its version of Obamacare repeal and replace, dubbed the Better Care Reconciliation Act of 2017 or BCRA. The 142-page document, which Senate leadership is describing as... Read more →


Most Obamacare attention this week has been on the been on the revised Congressional Budget Office estimates that show the GOP bill to repeal and replace the Affordable Care Act would cause fewer people (only 23 million vs. 24 million) to lose coverage, but at a higher cost ($31 billion more than the March version of the bill) to Uncle Sam's bottom line. But at the same time, nuts and bolts work on the American Health Care Act, or AHCA as the Republican bill is known, also continued at the Congressional committee level. House Speaker Paul Ryan (R-Wisconsin) in March... Read more →


The House narrowly passed its Obamacare replacement measure this afternoon by a 217 to 213 vote. Now we await Senate action on the GOP bill. That means there's plenty more debate to come before any flip from President Obama's Affordable Care Act (ACA) to the GOP's American Health Care Act (AHCA). The House voted to repeal Obamacare this afternoon, but we will be waiting for a while before any final replacement of the Affordable Care Act. (Photo by Kay Bell) But both Democrats and Republicans do agree on one thing. The Upper Chamber's action won't be any time soon So... Read more →


Californians who just can't kick their nicotine habit are now paying substantially more for their addiction. Effective April 1, the Golden State's tobacco tax went up by $2 per a pack of cigarettes. The state's tax on smoking now is $2.87 per pack. And while that is indeed a massive jump, it's just catching up on years of a low tax rate. It's been 20 years since California increased its cigarette tax. The tax increase, the final tax amount and the years it's taken for California to get here each were in the running for this week's By the Numbers... Read more →


Most high-income investors last were likely a little bummed last week when the Republican proposal to replace the Affordable Care Act failed. It didn't have anything to do with their personal opinions on Obamacare or health care in general. It meant that the Net Investment Income Tax, or NIIT, remains on the books. This 3.8 percent surtax is assessed on capital gains, dividends, interest, and other passive income earned by single investors making more than $200,000 a year or $250,000 if married filing jointly. It was one of the many ACA-related taxes that would have been repealed if the GOP... Read more →


Health Savings Accounts, or HSAs, have increased in popularity since they were created in 2004. More than 20 million people now have these particular medical savings plans, according to a Kaiser Family Foundation (KFF) survey last fall. KFF's analysis also found that the average account balance grew by more than a third last year to more than $1,800. Growth of HSAs could speed up under a Republican replacement for the Affordable Care Act. Various GOP alternatives for Obamacare call for expansion of HSAs. High deductibles required: HSAs not only offer a way for account owners to pay medical bills, they... Read more →


A couple of Republican-proposed changes to Obamacare would affect a popular individual savings option, the medical flexible spending account, or FSA. Many of the items this shopper can find on her local pharmacy's shelves are eligible for flexible spending account reimbursement. (Photo courtesy FSAStore.com) Tax-saving company benefit: An FSA is a benefit offered by many companies where workers can have a certain amount taken from their paychecks every pay period and placed into a special account. These accounts can help you cover such things as child care, commuting and medical expenses. Even better, the money is put into the FSA... Read more →


Republicans took a major step toward tax reform on Monday, March 6, with their health care replacement plan that kills more than a dozen Obamacare taxes. Donald Trump greets House Speaker Paul Ryan before the new president's first address on Feb. 28 to a joint session of Congress. The two men now must work together to enact a replacement for the Affordable Care Act. (Photo courtesy Speaker of the House) Not only would the Affordable Care Act (ACA) changes erase some levies from the tax reform slate, passage of a GOP replacement health care plan also would clear the decks... Read more →


Senators and Representatives are headed back to their states and Congressional districts for the long President's Day weekend. Tucked into the bags that Republicans are taking home are some talking points on how they plan to repeal and replace the Affordable Care Act (ACA), popularly known as Obamacare. Image by Shawn Campbell via Flickr Creative Commons The Grand Old Party's policy paper says it aims to "provide relief from all the Obamacare tax increases." That's a big list. 4 targeted ACA taxes: The independent website Obamacare Facts lists 21 taxes, seven of which directly affected individuals. I've culled that individual... Read more →


The 115th Congress has been in session less than a week, but the Representatives and Senators are wasting no time in introducing legislation. The 115th Congress convened on Jan. 3. During their first short week of work, Representatives and Senators have introduced eight tax measures. (Photo by Ottojula via Wikimedia Commons) Since the Jan. 3 swearing in (and my Congess.gov search this afternoon), 490 bills have been introduced, 428 in the House and 62 in the Senate. And even though there's greater hope that we'll finally get some sort of comprehensive tax reform, that's not stopping individual lawmakers from putting... Read more →


I got in my car for the first time in 2017 today. It also was my first use of my new mileage log. Yep, that pretty little pink spiral notebook is this year's tracking device of all my potentially tax deductible miles. And yep, those of you who know me know that I'm not really a pink kind of gal. This notebook was tucked in bag I got at a conference. Over the years, I've attended a lot of conferences and gotten a whole lot of similar notebooks, so I use a new one each tax year. What miles to... Read more →


Donald Trump doesn't move into the Oval Office for 15 more days, but the Republican-control Congress is working on legislation for him to sign into law shortly after he settles into his new digs. Rep. Chris Collins (R-N.Y.) was on CNBC's Squawk Box this week to discuss House efforts to repeal the Affordable Care Act, often referred to as Obamacare. Click image to watch the full interview. One of the president-elect's campaign promises was to repeal and replace the Affordable Care Act, also known (for a while longer) as Obamacare. That won't be easy, either politically and pragmatically. Delayed repeal... Read more →


There weren't any major tax bills in 2016. That's going to change in some form in 2017 now that the Republicans control Congress and the White House. via GIPHY But there still were plenty of tax-related matters that got attention last year. Below is my list of top 10 tax stories of 2016, starting with the one I saw as most important. And as a bonus, I also pulled out my slightly cracked crystal ball -- really, who saw the presidential election turning out like it did? -- to forecast five tax issues that we're likely to see in 2017.... Read more →


The enactment of the 21st Century Cares Act this week means medical researchers will get more money for their efforts to develop a variety of treatments for persistent and devastating health problems. The new law also opens up a tax-favored medical plan option for folks who work for small companies. Vice President Joe Biden (center) is recognized during the ceremony in which the 21st Century Cures Act was signed into law. The bill is close to Biden's heart. He lost his son Beau to brain cancer. Following that personal tragedy, President Obama tapped his veep (and friend) to lead the... Read more →


Your business-related driving probably won't save you as much on your taxes in 2017. The reason? The Internal Revenue Service announced today that the optional standard mileage rate for business use of your vehicle is a half-cent less than in 2016. A trip to the vet likely won't count as a tax deductible medical expense, but other allowable miles in 2017 can be claimed at 17 cents apiece. It drops on Jan. 1, 2017, to 53.5 cents per mile. For the final few days of 2016, the business mileage rate is 54 cents per mile. Along with a smaller per-mile... Read more →


It's December 1. December. The last month of the year. How the heck did that happen!?! It hasn't even gotten good and cold yet here in Central Texas. We -- OK the hubby, at my nagging request -- put our Christmas tree up the first week of November this year. That means I have all of December to focus on taxes! OK. I've got my calendar and weather rant under control. But my urgency about how quickly 2016 is passing remains. That means we're rapidly running out of time -- check the countdown clock there in the right hand column... Read more →


After a cordial Oval Office meeting with President Obama, the incoming 45th commander in chief doesn't seem so inclined to pull the plug on the health care program. Mr. Trump goes to Washington, specifically the White House to meet with President Obama the day after the GOP candidate won the 2016 presidential election. (White House YouTube video screenshot) Repeal and replace the Affordable Care Act (ACA) was one of Donald J. Trump's core campaign messages. As soon as the election results seemed clear, opponents of Obamacare, as the health program is popularly known, were exultant. With a Republican president joining... Read more →


It's November. You know what that means. Yes, the presidential election will be over next week. But November also means that we have two months to make some tax moves to ensure we don't encounter any tax turkeys. Don't be gobbled up by tax concerns. Make these November tax moves. (South Park/Comedy Central turkeys via GIPHY) Health care considerations: November kicked off with open season for Affordable Care Act, aka Obamacare, enrollment. If you don't get medical insurance at work, you should check out the Health Care Marketplace for coverage. You'll need minimal essential coverage or you'll owe a tax... Read more →


Welcome to Part 5 of the ol' blog's series on 2017 inflation adjustments. We're halfway through the series, and you can find links to all 2017 inflation posts in the first item: Income Tax Brackets and Rates. Today we look at changes to some medical tax provisions. Note: The 2017 figures apply to 2017 returns that are due in 2018. For comparison purposes, you'll also find 2016 amounts to be used in filing 2016 returns due next April. How are you feeling? If not so well, then by all means get to the doctor. And be sure to use some... Read more →


Donald J. Trump finally has released some traditionally private information about himself. No, not his taxes you dreamers. His most recent medical records. Republican presidential candidate Donald Trump shares his recent medical report during a taping Sept. 14 of the syndicated Dr. Oz show. The program will air today, Sept. 15. Click image for link to YouTube promo; link will be updated for full show viewing when available. But being The Donald, he did it (with apologies to Frank) his way. On TV of course. Trump shared his most recent medical data with television's syndicated, and controversial, Dr. Oz. From... Read more →