This legislation was authored by the Apollo Alliance, a far left leaning socialist organization in concert with the socialist current occupant of the White House. Much of it is to be phased in over many years, for example: 2011, drug makers face annual fee of $2.5 billion which will rise in subsequent years. 2013, New 3.8 percent tax on unearned income such as dividends and interest. Excise tax of 2.3 percent imposed on sale of medical devices. 2014, Employers with more than 50 employees that don’t provide affordable coverage must pay a fine if employees receive tax credits to buy insurance. The fine is up to $3000 per employee excluding the first 30 employees. The insurance industry must pay annual fees of eight billion dollars which will rise in subsequent years. 2016, Penalty for those who don’t carry coverage rises to 2.5 percent of taxable income or $695, whichever is greater, (of course). 2018, Excise tax of 40 percent imposed on health plans valued at more than $10,200 for individuals and $27,500 for family coverage. So here is a portion of it. Good luck reading it.
Sec. 1102. Medicare Advantage Payments.
(a) Repeal – Effective as if included in the enactment of the Patient Protection and Affordable Care Act, sections 3201 and 3203 of such Act (and the amendments made by such sections) are repealed.
(b) Phase-in of Modified Benchmarks – Section 1853 of the Social Security Act (42 U.S.C. 1395w-23) is amended–
(1) in subsection (j) (1) (A), by striking (or, beginning with 2007, 1/12 of the applicable amount determined under subsection (k) (1) for the area for the year’ and inserting ‘for the area for the year (or, for 2007, 2008, 2009, and 2010, 1/12 of the applicable amount determined under subsection (k) (1) for the area for the year; for 2011, 1/12 of the applicable amount determined under subsection (k) (1) for the area for 2010; and, beginning with 2012, 1/12 of the blended benchmark amount determined under subsection (n) (1) for the area for the year)’; and
(2) by adding at the end of the following new subsection:
(n) Determination of Blended Benchmark Amount-
(1) IN GENERAL – For purposes of subsection (j), subject to paragraphs (3), (4), and (5), the term ‘blended benchmark amount’ means for an area —
(A) for 2012 the sum of–
(i) 1/2 of the applicable amount for the area and year; and
(ii) 1/2 of the amount specified in paragraph (2) (A) for the area and year; and
(B) for a subsequent year the amount specified in paragraph (2) (A) for the area and year.