Trump, House Shift Focus to Tax Reform After AHCA Vote Cancelled

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On March 24th, House leadership cancelled the vote regarding the proposed American Health Care Act (AHCA). The AHCA would have repealed certain taxes as well as provisions from the Affordable Care Act (ACA) enacted by President Obama. House Speaker Paul Ryan and President Trump agreed to pull the bill due to lack of Republican support. While speaking about the AHCA's defeat, President Trump announced that lawmakers are shifting their primary focus to 'Tax Reform'. 


Among the Patient Protection and Affordable Care Act (ACA), taxes that will remain in place are the net investment income tax (NIIT), additional Medicare tax, the delayed "Cadillac" excise tax on high-cost health care plans, the excise tax on qualified medical devices and others. Because the ACA is still in place, some lawmakers say that tax reform may be more difficult than Health Care reform. 


President Trump remains focused on a tax cut for middle-income taxpayers while also convinced that individual and corporate tax reform legislation needs to be done together. 


According to Treasury Secretary Steven Mnuchin, the administration has been hard at work designing a new tax system "from scratch," and believes tax reform should be completed by Congress's August recess. 

 

 

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