America First Act
This bill increases discretionary spending limits, repeals sequestration for direct spending, and includes offsets that change direct spending programs and tax provisions.
The bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to increase the discretionary spending limits for FY2016-FY2025 and to eliminate the sequestration for direct spending that is required under current law.
The bill permanently extends two expansions of the Earned Income Tax Credit, limits tax deductions for high-income individuals, and repeals the medical device tax included in the Patient Protection and Affordable Care Act.
In the health care area, the bill expands means-testing for Medicare, changes certain Medicare cost-sharing requirements and benefits, reduces the Medicaid provider tax threshold, and changes procedures for medical malpractice cases.
The bill changes the measure of inflation that is used for tax provisions and benefits under spending programs such as Social Security to the Chained Consumer Price Index. It also indexes several user fees for inflation, including customs user fees and Transportation Security Administration fees.
The bill decreases the dividend payment that the Federal Reserve pays on stocks held by member banks to participate in the Federal Reserve System.
Federal Employees Retirement System contributions are increased for some current federal employees.
The Higher Education Act of 1965 is amended to consolidate and make several changes to income-based student loan repayment programs.
The Federal Crop Insurance Act is amended to reduce federal payments for crop insurance premium subsidies.