Another Tax Giveaway for the Wealthiest Americans
The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, in response to the release of the House Republicans’ bill to repeal the Affordable Care Act.
“After seven years Republicans have finally shown us what their repeal of Obamacare looks like. It would be a disaster for older and working Americans and for our health care system.
“The bill repeals the increase in the Medicare payroll tax for high earners. That will reduce the solvency of the Medicare Trust Fund by 4 years, from 2029 to 2025. This is an insult to the fifty-seven million Medicare beneficiaries who have earned their guaranteed Medicare benefits, and many millions more who contribute to Medicare expecting it to be there when they retire.
“The bill also cuts federal funding for Medicaid by $560 billion over 10 years. Cuts of this magnitude will force states to make deep cuts in the number of people who receive benefits, or the amount of health care provided. Over 70 million beneficiaries rely on Medicaid, including almost 6 million seniors who depend on it for their nursing home and home care services. The GOP’s message is, ‘Sorry, you’re out of luck.’
“Republicans have topped this off by changing the age rating for older Americans from 3:1 to 5:1, or even greater in some states. Enabling insurers to charge older Americans that much more will greatly increase costs for people over the age of 50.”
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