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GOP health plan: Tax cuts for rich; hits older people hard

4 years 7 months 1 week ago Thursday, March 16 2017 Mar 16, 2017 March 16, 2017 6:41 AM March 16, 2017 in News
Source: Associated Press

WASHINGTON - The House Republican healthcare plan provides big tax cuts for wealthy families and insurance companies, but it hits older people hard.

Many older Americans would face higher health insurance premiums and smaller tax credits to help obtain coverage.

In all, the bill provides $883 billion in tax relief by repealing almost all of the taxes enacted under President Barack Obama's health law. That's according to the nonpartisan Joint Committee on Taxation, the official tax scorekeeper for Congress.

The vast majority of those taxes targeted the families with high incomes.

Wealthier households would also benefit under the GOP plan because the credits used to obtain coverage are available to people with higher incomes.

The tax credits in Obama's law aimed to help low- to moderate-income families.

The White House and Republican leaders are talking to rank-and-file lawmakers about revising the GOP health care overhaul. They're hoping to keep a rebellion by conservatives and moderates from imperiling the party's priority legislation.

Signs of fraying GOP support are showing four days after a congressional report projected the bill would pry coverage from millions of voters. The measure would strike down much of former President Barack Obama's 2010 overhaul and reduce the federal role, including financing, for health care consumers and is opposed uniformly by Democrats.

The House Budget Committee is set to consider the measure Thursday. Republicans expressed confidence the bill would be approved, but the vote could be tight. The panel can't make significant changes but was expected to endorse non-binding, suggested changes to nail down votes.

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