President Joe Biden has proposed a budget for fiscal year 2022 that could make the current, temporary increase in health insurance premium tax credit subsidies permanent.
The proposal could also increase the amount of tax revenue flowing into the main Medicare trust fund by applying the net investment income tax or the self-employment tax to more of high-income taxpayers' income, and by sending the revenue from the net investment income tax into the main Medicare trust fund. Today, revenue from the net investment income tax goes to the U.S. Treasury.
The Biden administration has described the Affordable Care Act premium tax credit increase proposal on page 1,061 of the main budget appendix file. The administration has described the proposed changes in the scope of the net investment income tax and self-employment tax in a section that starts on page 71 of the U.S. Treasury Department's "greenbook," or description of the Biden administration's proposals for raising revenue.
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Allison Bell
Allison Bell, ThinkAdvisor's insurance editor, previously was LifeHealthPro's health insurance editor. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected] or on Twitter at @Think_Allison.
