Orrin Hatch Signals Just How Complicated Tax Reform Will Be

Orrin Hatch Signals Just How Complicated Tax Reform Will Be

Rep. Richard Neal (D-MA) speaks as the House-Senate Conferees hold an open conference meeting on the "Tax Cuts and Jobs Act" on Capitol Hill in Washington, U.S., December 13, 2017.   REUTERS/Joshua Roberts
JOSHUA ROBERTS
By Yuval Rosenberg

GOP leaders said Wednesday that they'd issue a more detailed framework of their tax overhaul the week of September 25. But while lawmakers are eager to get more details about the outline being hashed out by the so-called Big Six team of negotiators, Republicans are still divided on key elements of the plan — going from blueprint to bill is bound to be a contentious process. 

In his opening remarks at a Senate Finance Committee hearing today on individual tax reform, Sen. Orrin Hatch (R-UT) said the plan from the Big Six — of which he is one — "will not dictate the direction" the tax-writing committee takes. "Anyone with any experience with the Senate Finance Committee knows that we are not anyone’s rubber stamp," he said. "If a bill – particularly on something as consequential as tax reform – is going to pass in this committee, the members of the committee will have to be involved in putting it together."

Oh, and remember: Republicans also need to agree on a budget before they can push through tax reform without Democratic votes.

Increasing Number of Americans Delay Medical Care Due to Cost: Gallup

iStockphoto
By The Fiscal Times Staff

From Gallup: “A record 25% of Americans say they or a family member put off treatment for a serious medical condition in the past year because of the cost, up from 19% a year ago and the highest in Gallup's trend. Another 8% said they or a family member put off treatment for a less serious condition, bringing the total percentage of households delaying care due to costs to 33%, tying the high from 2014.”

Number of the Day: $213 Million

A security camera hangs near a corner of the Internal Revenue Service (IRS) building in Washington
Jonathan Ernst
By The Fiscal Times Staff

That’s how much the private debt collection program at the IRS collected in the 2019 fiscal year. In the black for the second year in a row, the program cleared nearly $148 million after commissions and administrative costs.

The controversial program, which empowers private firms to go after delinquent taxpayers, began in 2004 and ran for five years before the IRS ended it following a review. It was restarted in 2015 and ran at a loss for the next two years.

Senate Finance Chairman Chuck Grassley (R-IA), who played a central role in establishing the program, said Monday that the net proceeds are currently being used to hire 200 special compliance personnel at the IRS.

US Deficit Up 12% to $342 Billion for First Two Months of Fiscal 2020: CBO

District of Columbia
By The Fiscal Times Staff

The federal budget deficit for October and November was $342 billion, up $36 billion or 12% from the same period last year, the Congressional Budget Office estimated on Monday. Revenues were up 3% while outlays rose by 6%, CBO said.

Hospitals Sue to Protect Secret Prices

iStockphoto/The Fiscal Times
By The Fiscal Times Staff

As expected, groups representing hospitals sued the Trump administration Wednesday to stop a new regulation would require them to make public the prices for services they negotiate with insurers. Claiming the rule “is unlawful, several times over,” the industry groups, which include the American Hospital Association, say the rule violates their First Amendment rights, among other issues.

"The burden of compliance with the rule is enormous, and way out of line with any projected benefits associated with the rule," the suit says. In response, a spokesperson for the Department of Health and Human Services said that hospitals “should be ashamed that they aren’t willing to provide American patients the cost of a service before they purchase it.”

See the lawsuit here, or read more at The New York Times.