Senate Passes $871 Billion Health Bill With New Taxes on Insurers, Families, Firms

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The Senate Dec. 24 passed, 60-39, an $871 billion health care overhaul bill (H.R. 3590) that would expand health care coverage to 94 percent of Americans in exchange for an array of new taxes on insurers, families, and businesses. Thirty-nine of the Senate's 40 Republicans voted against the bill. Sen. Jim Bunning (R-Ky.) did not vote. President Obama Dec. 24 praised the Senate and urged lawmakers to continue their efforts toward enactment of health care reform legislation. “With today's vote, we are now incredibly close to making health insurance reform a reality in this country,” Obama said. “Our challenge, then, is to finish the job … For the sake of our citizens, our economy, and our future, let's make 2010 the year we finally reform health care in the United States of America.