The centerpiece of the plan would be a $2,500 tax credit aimed at helping individuals buy insurance. And it would turn Medicaid into a block grant program, with states getting a set amount of money to finance health care for their low income residents.

But the law would maintain the PPACA's prohibition on insurers discriminating against consumers based on preexisting conditions. Skeptics will no doubt argue that that provision is untenable without an insurance mandate that brings many young, healthy consumers into the marketplace who might otherwise forgo insurance. They help offset the cost of those with preexisting conditions.

Critics also point out that $2,500 is not nearly enough to help the poor buy health care if they don't qualify for Medicaid.

It is not particularly surprising that the Republican proposal maintains the preexisting conditions provision, which has proven to be one of the most popular aspects of Obamacare among the public.

But what is notable is that the GOP bill also maintains many of the PPACA tax increases. Obamacare implemented a number of measures to raise revenue to pay for the current system, including a hike in taxes on tobacco, investment income and an increase in the Medicare payroll tax.

Speaker Paul Ryan has signaled that he is currently drafting another health care bill that likely aims for a more dramatic reversal of the status quo.