LEFTISTS SILENT: CBO Confirms Repeal of Obamacare SAVES BILLIONS
The Congressional Budget Office just confirmed that the Republican replacement for Obamacare is an enormous economic win for the American taxpayer.
File this in the “What we already knew” category.
The CBO analyzed and scored the GOP-backed American Health Care Act (HR 1628) this week. As it turns out, the House-passed replacement for Obamacare actually CUTS taxes by $992 BILLION over the next decade.
Remember when candidate Obama promised in 2008 NOT to raise taxes on any American earning less than $250,000 per year? Sadly for Obama-adoring Leftists, the Fake-in-Chief lied about that as well.
Trending: AG Barr Troubled By Anti-Trump Rulings
New taxes were the outcome of his decidedly UN-Affordable Care Act.
But the good news is that Trump is a man of his word, and his bill to dismantle Obama’s mess proves it.
Once the House GOP bill becomes law, tens of millions of middle-income Americans will get much-needed tax relief from Obamacare’s financially burdensome regulations. Under the ACA, Obama raised taxes in so many quarters, we need a list to keep track.
The Republican bill abolishes many of the horrendous taxes that Obama and the Democrats forced on the American people in 2010.
Here’s a list of Obamacare taxes rolled back by the American Health Care Act:
- The Individual Mandate Tax affecting 8 million Americans annually.
- The Employer Mandate Tax. Along with the Individual Mandate, this represents a $332 billion tax cut.
- The Medicine Cabinet Tax affecting 20 million Americans who have Health Savings Accounts and 30 million Americans who have Flexible Spending Accounts. This represents a $6 billion tax cut.
- The Flexible Spending Account tax affecting 30 million Americans. This represents a $19 billion tax cut.
- The Chronic Care Tax affecting 10 million Americans with high out-of-pocket medical expenses. This represents a $126 billion tax cut.
- The HSA Withdrawal Tax. This represents a $100 million tax cut.
- The 10% Excise Tax affecting small businesses with indoor tanning services. This represents a $600 million tax cut.
- The 0.9% Medicare Payroll Tax hike that begins in 2023. This represents a $59 billion tax cut.
- The Health Insurance Tax. This represents a $145 billion tax cut.
- The 3.8% surtax on investment income. This represents a $172 billion tax cut.
- The medical device tax. This represents a $20 billion tax cut.
- The Tax on Prescription Medicine. This represents a $29 billion tax cut.
- The Tax on Retiree Prescription Drug plans. This represents a $2 billion tax cut.
- The “Cadillac Tax” on high-cost, employer-provided health plans until 2026. This represents a $66 billion tax cut.
Romeo, Romeo…There are a LOT of things to love about this bill.
Employers will pay $332 billion LESS in taxes. Which means they can hire more people, and provide better benefits to the American worker.
Americans will be free to shop the market rather than be forcibly enslaved to a government healthcare system that eliminates choice and bankrupts healthcare recipients.
Those Americans who choose FSAs and HSAs will pay $6 billion LESS in taxes that previously penalized them for saving money for medical expenses.
Further, out-of-pocket expenses for those with chronic care needs will go DOWN by $126 billion. Patients in need of prescription medication will pay $29 billion LESS in taxes.
And so much more. This is good news.
While there is much to celebrate, congressional Republicans still have their work cut out for them. As the Senate reviews what the House passed, many revisions are likely. Here’s hoping the slim GOP majority in the upper chamber will still produce a healthcare alternative that benefits American citizens as much as the House bill does.