Helping Every American Lower Their Healthcare Act; HEALTH Act
Summary
H.R. 6050, the "Helping Every American Lower Their Healthcare Act" or "HEALTH Act," proposes to amend the Internal Revenue Code of 1986 to extend certain health insurance premium tax credit provisions. Specifically, it aims to extend the rule allowing tax credits for taxpayers whose household income exceeds 400% of the poverty line. The bill also seeks to rescind unobligated balances for providing assistance to Argentina.
Expected Effects
The primary effect of this bill would be to continue health insurance premium tax credits for individuals and families with incomes above 400% of the poverty line, preventing a potential increase in healthcare costs for this group. Rescinding funds allocated to Argentina would free up federal funds, potentially for other domestic programs or deficit reduction. The actual impact depends on the Secretary's estimation and the interplay between increased outlays and rescinded funds.
Potential Benefits
- Continued Healthcare Affordability: Extends tax credits, preventing potential premium increases for eligible individuals and families.
- Potential Budgetary Savings: Rescinding funds for Argentina could free up resources for other priorities.
- Focus on Domestic Needs: Reallocates funds to potentially address domestic healthcare concerns.
- Codifies Estimation Methods: Requires the Secretary to use estimation methods similar to the CBO and Joint Committee on Taxation, promoting transparency.
- Addresses a Specific Tax Credit Expiration: Prevents a scheduled expiration of a tax credit, providing stability.
Potential Disadvantages
- Uncertainty in Applicable Date: The extension's duration depends on the Secretary's estimation, creating uncertainty.
- Potential for Increased Deficit: If the increase in outlays and reduction in revenues exceeds the rescinded funds, it could increase the federal deficit.
- Impact on International Relations: Rescinding assistance to Argentina could strain diplomatic relations.
- Complexity in Implementation: The estimation method and applicable date determination could be complex to implement.
- Limited Scope: The bill primarily focuses on extending existing provisions rather than addressing broader healthcare system issues.
Most Disadvantaged Areas:
Constitutional Alignment
The bill's provisions related to taxation and spending fall under the purview of Congress's powers as defined in Article I, Section 8 of the Constitution, which grants Congress the power to lay and collect taxes, duties, imposts, and excises, to pay the debts and provide for the common defense and general welfare of the United States. The rescission of funds is also within Congress's power of the purse. The bill does not appear to infringe upon any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).