President-elect Donald Trump promises to “repeal and replace,” Obamacare in his first term, a proposition that could mean a giant tax cut for middle class Americans.
The principal aim of Obamacare was to make healthcare “more secure, reliable, and more affordable for families, small business owners, and employees.” Despite the altruistic intentions, healthcare costs across the nation are skyrocketing.
The cost of healthcare, the price of prescription drugs and doctor appointments, all rose more in August than any other time since 1984. In addition to rising costs of healthcare, the cost of obtaining insurance on the exchanges is becoming so expensive that it is prohibitive. (RELATED: This Key Government Mandate Is Driving Up The Cost Of Healthcare In America)
The Obama Administration announced in late October that insurance premiums would rise by the double-digit percentages in 2017. Premiums will increase at an average of 25 percent across the 39 states serviced by the online marketplace healthcare.gov. Even worse, around 20 percent of consumers, or one in five, will only have one insurer to choose from in the marketplace. (RELATED: White House: Obamacare Premiums Will Rise By Double-Digits Next Year)
For many middle class Americans — a single person making $47,520 a year or a family of four making just under $100,000 –the cost of obtaining health insurance is so expensive that it is out of reach. Low-income groups get federal subsidies that offset the rising costs of premiums, and high-income groups can still afford the cost of coverage.
Republicans in Congress, along with the president-elect, are gearing up to take on Obamacare this coming January. Congressional Republicans promise that one of their first initiatives next year will be sending legislation repealing Obamacare to the president-elect’s desk.
By repealing Obamacare, Congress would not only roll back a government program that is saddling the healthcare system with wasteful spending and imposing burdensome costs on consumers; it would provide the middle class with giant tax breaks, say experts. Over the last decade, Obamacare imposed nearly one trillion in taxes, with a great deal of the tax burden shouldered by middle class families, American Action Forum reports.
One way to begin repealing Obamacare would be to repeal the income surtax. Currently, under Obamacare, anyone who chooses not to purchase health insurance on the exchanges, must pay an income surtax to the IRS. The Obama Administration calls this tax a “shared responsibility payment.” The Congressional Budget Office (CBO) reported that repealing this tax would save $311 billion over the next decade.
Six other taxes: Medicine Cabinet Tax, Flexible Spending Account Tax, Chronic Care Tax, Excise Tax On Comprehensive Health Insurance Plans, HSA Withdrawal Tax, Ten Percent Excise Tax On Indoor Training, which stem from Obamacare, impose hundreds of billions of dollars in taxes on the American people.
President Barack Obama’s broken promise not to sign any tax increase on Americans making less than $250,000 a year — totally violated by Obamacare — will be corrected.
Obamacare is in some serious trouble: 17 co-ops have failed, the Tennessee Health Commissioner says the healthcare exchanges in the state are “very near collapse,” insurance companies in North Carolina have become a “financial sinkhole,” and few health experts have positive things to say about the future of the legislation. (RELATED: Obamacare ‘Very Near Collapse,’ In Tennesee, Says Insurance Regulator)
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