WHY REPEALING OBAMACARE MAKES THE RICH RICHER

Obamacare, Business Management News

Don’t be fooled by Trump’s and Republican promises to “repeal and replace” Obamacare. They could repeal it, but they can’t and won’t replace it.

They’ve tried for years to come up with a replacement that keeps at least as many people covered. Their “replacement” never appears.

So why do Republicans want to repeal Obamacare and leave millions without insurance?  Because it would mean a huge tax windfall for the wealthy.

Repealing Obamacare will put an average of $33,000 of tax cuts in the hands of the richest 1 percent this year alone, and a whopping $197,000 of tax cuts into the hands of the top 0.1 percent.

The 400 highest-income taxpayers (with incomes averaging more than $300 million each) will each receive an average annual tax cut of about $7 million.

It would also increase the taxes of families earning between $10,000 and $75,000 – including just about all of Trump’s working class voters.

So what do we end up with when Republicans repeal Obamacare?

– 32 million people losing their health insurance,

– tens of thousands of Americans dying because they don’t get the medical care they need,

– Medicare in worse shape,

– And the rich becoming far richer.

This is lunacy. We must stand up to it.

President Donald Trump and congressional Republicans campaigned on a promise to dismantle Obamacare, which they consider federal government overreach. They have been working on fulfilling that pledge as an early product of Republican control of both the White House and Congress.

But while both chambers voted last month to start the process of scrapping the law, they missed a target date of Jan. 27 to start drafting legislation to do so. At a congressional retreat last week, Republican leaders told lawmakers they hoped Congress would finish the Obamacare repeal by March or April.

Representative Mark Meadows, chairman of the conservative Freedom Caucus, and Representative Jim Jordan, the caucus’ former chairman, urged the party leadership on Thursday to quickly enact an Obamacare repeal measure.

“That’s what the American people expect us to do – and they expect us to do it quickly,” they said.

Three of the biggest national insurers have also stepped up pressure on the lawmakers to act. Aetna Inc, Anthem Inc and Cigna Corp this week urged changes in Obamacare individual plan regulations in the next few weeks, in time for them to decide if they will sell the products in 2018.

They want stricter oversight of eligibility and enrollment periods, as well as other changes. Without them, these insurers say they may pull out of the Obamacare exchanges next year, which would lead to less competition and higher premium rates. Rates for 2017 rose an average of 25 percent.

Democrats were enjoying the Republican turmoil. They have long accused Republicans of rushing to gut the Affordable Care Act, without having a replacement plan ready. The law has enabled up to 20 million previously uninsured Americans to obtain health coverage.