Political Quotes

“I rise today to raise serious concerns about the offset proposed for H.R. 4. I am very supportive of the underlying intent of H.R. 4--repeal of the 1099 reporting requirements, which were created in Affordable Care Act. In fact, I have voted to repeal these requirements over the last few months. However, I have deep concerns about the offset proposed in H.R. 4. The offset represents harmful policy and has been strongly objected to by President Obama in a Statement of Administrative Policy or ``SAP'' issued on March 1. Specifically, H.R. 4 would increase the tax burden on American families seeking health insurance coverage in the new health insurance exchanges. The legislation does so by increasing the amount of repayment that must be made by families who receive health insurance premium subsidies. Note that these taxpayers could be reporting their income correctly to the exchange throughout the year but still owe substantial payment or ``true-up'' when they file their taxes simply because the look-back period for subsidy eligibility encompasses an entire year. For example, under H.R. 4, families that have no income for part of the year--for example because of the loss of a job--could owe $12,000 in true-up payments because they secure employment midway through the year. I am strongly supportive of ensuring that taxpayers receive accurate subsidies to help offset the cost of health insurance in the new State exchanges.…”