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Congress is also planning to repeal the "individual mandate" that requires people to obtain health care coverage or face penalties. This will result in nearly 14 million people losing health coverage and will increase premiums for people buying insurance on the health insurance exchange by 10% every year. The individual mandate is a critical piece of the complex system of incentives and penalties created by the Affordable Care Act (ACA) and repealing it would undermine the entire law.
This bill is moving quickly - the full Senate is expected to vote the week after Thanksgiving. The Senate Finance Committee is working on its tax bill right now and is expected to approve it this week.