Annuity Tax to Fund Health Care Reform

It looks like the House of Representatives is ready to cast their vote on President Obama’s health care reform.  According to “Health Care Reform Vote Expected Sunday” by Bill Kenealy of Insurance Networking News, the vote should happen Sunday afternoon.  Some of the $940 billion needed by the federal government to finance America’s Affordable Health Choices Act of 2009 will come from annuity income taxes.  The American Council of Life Insurers voiced their objection to this 2.9% tax on annuity income to Secretary of the Treasury Tim Geithner in February.

They voiced concern over negatively impacting the best annuities that are so important as a retirement vehicle.  Since there are 78 million Americans working without any type of employer-sponsored retirement plan, annuities are a way for them to guarantee a secure retirement.  There will be other things taxed as well, including the health benefits of some employer sponsored health care plans.  The Congressional Budget Office gave a positive report on the health care reform stating that although the cost is high, the Act would actually decrease the deficit by $138 billion over time through increased revenue and cost cutting in other areas.  Sunday’s vote could change the course of history in America.

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