Washington, D.C. – Congressman David Schweikert (R-AZ) introduced H.R. 6088 the Total Repeal of the Unfair Taxes on Healthcare ‘TRUTH’ Act of 2012 on Monday. This bill repeals the twelve direct taxes included in ObamaCare, several of which have nothing to do with healthcare.
“Once again, it has fallen to Congress to repeal and restart on what will go down as the single greatest overreach by an Administration in the history of our country.
“I take seriously my duty to protect Arizonans from anything that aims to harm them, and the crown jewel of President Obama’s presidency certainly does that.
“When passed, the TRUTH Act will become one of the largest tax cuts in history, reducing taxes by a minimum of $500 billion over the next seven years.
“Arizona’s families, entrepreneurs, and small businesses cannot afford to have this income taxed away from them in a struggling economy; it is simply unsustainable. For this reason, I encourage all of my colleagues on both sides of the Capitol to join me in abolishing this dirty dozen.”
THE ‘DIRTY DOZEN’: The TRUTH Act repeals the following:
Repeal of excise tax on comprehensive health plans.
Repeal of surtax on investment income.
Repeal of disqualification of expenses for over-the-counter drugs under health flexible spending
arrangements and health savings accounts.
Repeal of increase in tax on nonqualified distributions from health savings accounts.
Repeal of limitation on health flexible spending arrangements under cafeteria plans.
Repeal of increased threshold for itemized deduction for medical expenses.
Repeal of excise tax on indoor tanning services.
Repeal of individual health insurance mandate.
Repeal of employer health insurance mandate.
Repeal of excise tax on medical devices.
Repeal of annual fee on branded prescription drug manufacturers.
Repeal of annual fee on health insurance providers.
Repeal of study and report on repealed provisions.
NOTE: Text of the bill can be found here.