Obama Signs Health Overhaul Into Law; Key Tax Changes Remain in Senate

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President Obama signs into law a far-reaching overhaul of the health care system. “Today, after almost a century of trying; today, after over a year of debate; today, after all the votes have been tallied—health insurance reform becomes law in the United States of America,” Obama says. The president also notes that many details of the health care overhaul are still being completed as the Senate starts work on a House-passed reconciliation bill (H.R. 4872) that would impose a new Medicare tax on unearned income for high-income households. It remains to be seen how long it will take for the bill to proceed to a final vote. Distributions from tax code Section 401(k) plans and other qualified retirement plans would not be subject to a new Medicare tax created by the House-passed health care reform reconciliation bill (H.R. 4872), says Brian Graff, executive director and chief executive officer at the American Society of Pension Professionals and Actuaries. In a series of interviews with BNA, tax professionals outline a number of questions and concerns raised by implementing health care overhaul legislation. “I think whenever there's a significant change in the tax law, there's always questions around process,” says Tom Windram, a managing director with RSM McGladrey and the firm's national leader of federal tax credits and incentives. Attorneys general from 13 states bring a constitutional challenge to the Patient Protection and Affordable Care Act shortly after it is signed.