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Monday, October 12, 2009

A Review and Preview of Federal Legislation from NWYC: Health Care Reform and More in Washington D.C ...

National Write Your Congressman’s Mission
To encourage
responsible Americans to use their influence in government to preserve the
freedoms set forth by our Founding Fathers.

REVIEW

Senate Health Care Bill
Who is Covered
: Around 95 percent of Americans. Proponents of the bill claim Illegal immigrants would not receive government benefits.


Cost: $829 billion over 10 years, according to the Congressional Budget Office. Requirements for Individuals: Everyone must get coverage. It can be through an employer, on their own or through a government plan.

Requirements for Employers: Not required to offer coverage, but companies with more than 50 full-time workers would pay a fee if the government must subsidize their employees’ coverage.

House Health Care Bill: (H.R.3200)
Windfall Profits Tax: House Democratic leaders announced that they are considering a so-called windfall profits tax to help pay for expanding insurance coverage. The bill would impose a surtax on adjusted gross income above $280,000 for individuals and $350,000 for married couples. That provision drew complaints from those who said the tax could affect small business owners who pay their business taxes under the individual tax code.

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Financial Derivatives: The House is continuing work on a draft bill that includes an exemption designed to lessen the regulatory burden on businesses that use derivatives in their day-to-day operations, as opposed to banks and other institutions that use them more as purely financial instruments.

Agriculture Appropriations Bill: The House approved the Senate-passed measure that would fund agriculture, rural development and the Food and Drug Administration. It would reduce the maximum amount of FY2010 funds available for domestic food assistance programs.

Unemployment Benefits: Lawmakers in the Senate are considering an extension of unemployment benefits that would further boost assistance to jobless workers in all states. The bill would provide 14 additional weeks of benefits. (H.R.3548)

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Cap and Trade: In the Senate, lawmakers are moving toward marking up global warming legislation. The bill is expected to be brought to the floor in December 2009, or January 2010. Democrats in that chamber are seeking moderate GOP lawmakers who believe climate change is a genuine, man-made threat caused by fossil fuel emissions to support the bill. (S.1733) Click here to express your opinion on this issue.

Service Members Home Owners Act: The House passed a bill that would extend the first-time homebuyer tax credit through November 30, 2010, for individuals serving on official extended duty service outside the United States for at least 90 days in 2009. (H.R.3590)

PREVIEW

Homebuyer Tax Breaks: Speaker Nancy Pelosi said the House may extend and possibly expand the $8,000 tax credit for first-time homebuyers that is currently due to expire Nov. 30. Those in favor of the action say the tax break has given a much needed boost to the mortgage industry. Those against it say the government needs those funds so it doesn’t have to raise taxes elsewhere. They suggest that the tax break be reserved for those who buy homes in the weakest markets or in areas that are plagued with foreclosures. Click here to express your opinion on this issue.

“Buy American”: House Republicans are objecting to the “Buy American” provisions in the economic stimulus law. They say they have caused project delays for states and cities.

Ethics Probe: House Democrats rejected a Republican bid to force Ways and Means Chairman Charles Rangel to step down until his ethics probe is resolved. In August it was revealed that Rep. Rangel had not reported an additional $500,000 or more in assets on financial disclosure forms.

Click here to view the R&P Report as a PDF

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