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.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Allison Bell

Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. 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 through X at @Think_Allison.

News