Senate republicans offer new healthcare plan

Three Republican senators have proposed an alternative to the Affordable Care Act, according to Associated Press special correspondent David Espo. The proposal, put forth by Utah Sen. Orrin Hatch, Oklahoma Sen. Tom Coburn and Sen. Richard Burr of North Carolina, is the first plan established by Republicans since they initially decided to repeal the ACA.

Espo wrote the tax breaks promised through the Republican plan would depend on age and income, and they would be offered to those with jobs and without. Individuals earning three times the federal poverty level or less would be eligible for the tax breaks. The plan also would repeal many aspects of the health plan passed by President Barack Obama.

According to Forbes, another aspect of the Republican-backed plan is the fact that employees would face a new income tax of at least 35 percent of their health insurance plan if it's offered through their employer. Under the ACA, all premiums are exempt from federal income tax, but the new plan would cover roughly 65 percent of the costs.

The three senators acknowledged the outline for further healthcare reform they've presented will require further changes and won't likely be put in front of Congress in full anytime soon.