0
0

Assuring Medicare’s Promise Act of 2023

12/21/2024, 9:05 AM

Summary of Bill HR 34

Bill 118 hr 34, also known as the Assuring Medicare's Promise Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to ensure the long-term sustainability of the Medicare program, which provides health insurance to millions of Americans aged 65 and older.

One of the key provisions of the bill is the establishment of a Medicare Trust Fund, which would be used to finance the program and ensure that it remains solvent for future generations. This trust fund would be funded through a combination of payroll taxes, premiums paid by beneficiaries, and other sources of revenue.

Additionally, the bill includes measures to improve the quality of care provided to Medicare beneficiaries, such as increasing funding for preventive services and expanding access to telehealth services. It also aims to reduce costs by promoting the use of generic drugs and implementing measures to combat fraud and abuse within the program. Overall, the Assuring Medicare's Promise Act of 2023 seeks to strengthen and protect the Medicare program for current and future beneficiaries. It is currently being debated in Congress, with supporters arguing that it is necessary to ensure the program's long-term viability, while opponents raise concerns about the potential impact on taxpayers and the healthcare industry.

Congressional Summary of HR 34

Assuring Medicare’s Promise Act of 2023

This bill increases net investment income tax revenues by applying such tax to the trade or business income of certain high income taxpayers and includes the increased tax revenues in the Federal Hospital Insurance Trust Fund.

Current Status of Bill HR 34

Bill HR 34 is currently in the status of Bill Introduced since January 9, 2023. Bill HR 34 was introduced during Congress 118 and was introduced to the House on January 9, 2023.  Bill HR 34's most recent activity was Referred to the Subcommittee on Health. as of December 17, 2024

Bipartisan Support of Bill HR 34

Total Number of Sponsors
2
Democrat Sponsors
2
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
186
Democrat Cosponsors
186
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 34

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 34

Assuring Medicare’s Promise Act of 2023
Assuring Medicare’s Promise Act of 2023
To amend the Social Security Act and the Internal Revenue Code of 1986 to include net investment income tax imposed in the Federal Hospital Insurance Trust Fund and to modify the net investment income tax.

Comments