Posts Tagged ‘tax cuts’

197667_600

Special mention

650  1

TMW2017-07-12color

Special mention

197831_600  197808_600

07-02-mcfadden

Special mention

mike_luckovich_mike_luckovich_for_jun_25_2017_5_  f78ebbeb4f0d8d84f2b38022f577facf

LuckovichCrowdShmowd_1000_590_429

Special mention

HorseD20170628_low  download

 

ows_149826086661399Special mention

197228.png  Contempt_of_COurt_590_427.jpg

bcra

According to Donald Trump, “Nobody Knew Health Care Could Be So Complicated.” But the latest version of the plan to repeal and replace Obamacare, negotiated behind closed doors and finally publicly presented by Mitch McConnell and Senate Republicans, isn’t very complicated. In fact, it’s quite simple: the Better Care Reconciliation Act of 2017 trades the health of tens of millions of Americans for tax cuts that would be captured by a tiny group at the top.

According to the Congressional Budget Office, the Senate bill would increase the number of people who are uninsured by 22 million in 2026 relative to the number under current law, only slightly fewer than the increase in the number of uninsured estimated for the House-passed legislation. By 2026, an estimated 49 million people would be uninsured, compared with 28 million who would lack insurance that year under current law.

Moreover, the increase in the number of uninsured people would be disproportionately larger among older people with lower income—particularly people between 50 and 64 years old with income less than 200 percent of the federal poverty level. That’s largely because of the cuts to Medicaid, which would result in 15 million fewer Medicaid enrollees by 2026 than projected under current law. The Office also estimates that, by 2026, 7 million fewer people would obtain coverage through the nongroup market—because the penalty for not having insurance would be eliminated and, starting in 2020, because the average subsidy for coverage in that market would be substantially lower for most people currently eligible for subsidies (and for some people that subsidy would be eliminated entirely).

la-1498487480-bsx1jsx93f-snap-image

Tens of thousands (perhaps hundreds of thousands) of additional deaths will occur as a result of the enormous increase in people without health insurance.

As Clio Chang succinctly states:

If we send people to war, people will die. If we consign people to live in poverty, people will die. If we take away health insurance, people will die.

And what will Americans get in exchange for those cuts in healthcare coverage and additional deaths?

picture1_22

According to the Tax Policy Center, nearly 45 percent of the benefit of the tax cuts proposed in the Senate bill (much as in the bill the House passed) would go to the top 1 percent of households, those making $875,000 or more.

The lowest income 20 percent of households (that will make about $28,000 or less in 2026) would receive an average tax cut of about $180, or 1 percent of their after-tax income. Middle-income households (that will make $55,000-$93,000) would receive an average tax cut of $280, raising their after-tax incomes by about 0.4 percent.

By contrast, the top one percent of households (who will be making $875,000 or more) are in line for an average tax cut of more than $45,000, raising their after-tax incomes by 2 percent. And those in the top 0.1 percent (who will be making $5 million or more) would receive an average tax cut of nearly $250,000, boosting their after-tax incomes by 2.5 percent.

In the coming weeks, Senate Republicans will be debating details of the proposed healthcare plan and cutting deals to get some of their number to drop their opposition and vote with the leadership. That may get complicated (and already has, causing McConnell to delay a vote until after the 4th of July recess).

However, when it comes to death and taxes, there is no such complication: the Senate plan would take away health coverage from 22 million people, and likely kill tens of thousands of low-income Americans, in order to create an enormous tax cut that would largely benefit the nation’s highest income households.

download (1)

Special mention

Senate Plan  WilkiS20170622_low