It is notable that this bill actually reduces the deficit between 2015 and 2025 by using a combination of spending reductions and provisions that would improve tax compliance. These offsets were included in a proposal that would’ve extended the Highway Trust Fund through December 2015. Among those offset provisions would be:
A requirement that lenders report additional information so that borrowers don’t understate their tax burden. Lawmakers estimate that this will provide an estimated $1.8 billion in offsets.
Giving the IRS a six-year window to review returns that were substantially understated. Estimated offsets? $1.2 billion.
Requiring estates subject to the estate tax to report the value of property upon the owner’s death — yielding an estimated $1.5 billion in offsets.
Extending a rule that allows employers to transfer excess defined-benefit plan assets to retiree medical accounts and group-term life insurance — yielding $172 million in offsets.
Equalizing taxes on liquefied natural gas, liquefied petroleum gas, and compressed natural gas from different levels would provide $90 million in tax relief (not offsets).
The current budget treatment of Transportation Security Administration (TSA) fees would be extended for two additional years, leading to $3.1 billion in offsets.
It also includes provisions of the Hire More Heroes Act, allowing veterans who are enrolled in government healthcare through TRICARE or the VA to be exempt from the employer mandate — which requires businesses to offer health insurance if they have more than 50 full-time employees. Eligible veterans would be eligible to make pre-tax contributions to Health Savings Accounts if they receive care from the VA if they are receiving treatment for a service-connected disability.