In addition to the above outline, the deal includes changes to Social Security and Medicare to partially offset the increase in government spending. According to The Hill, the deal “would specifically extend the 2 percent payment cut to Medicare under the sequester and create a ‘flat benefit’ for disability recipients, which would be tied to the federal poverty line rather than an individual’s own savings.”
The deal also includes language that would prevent double-digit hikes for 8 million Medicare enrollees next year and would repeal the Affordable Care Act’s auto-enrollment mandate requiring large employers to automatically enroll workers into healthcare plans. If passed, the bill would allow the administration and Congress to turn their attention to other major policy issues, with pending tax extenders legislation remaining very high on the list of priorities before the end of the year.
alliantNational, alliantgroup’s national practice, provides subject matter expertise on complex and emerging federal, state and international tax issues as well as legislative and regulatory affairs to help businesses receive timely and precise guidance on all their tax matters. Contact us today to learn how your business can benefit from alliantgroup’s tax consulting services.