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CBO: Health Care Bill Makes Healthy Bank Accounts for Rich

Proposed cuts to Medicaid would largely impact the elderly, people with disabilities, pregnant women and children. (Jessica Lucia/flickr)
Proposed cuts to Medicaid would largely impact the elderly, people with disabilities, pregnant women and children. (Jessica Lucia/flickr)
June 22, 2017

NASHVILLE, Tenn. – The richest Tennesseans could see a healthy increase in their bank accounts if the GOP health care bill becomes a reality, according to the latest data from the Congressional Budget Office.

Millionaires in the Volunteer State could see an annual tax cut of $34,000 a year.

Alan Essig, executive director of the Institute on Taxation and Economic Policy, says data from the CBO confirms that the health bill that cleared the U.S. House is less about health policy than tax breaks for the top 3 percent of U.S. earners.

"The end result is 23 million people losing health care coverage,” Essig stresses. “The reason for that is to pay for $660 billion worth of tax cuts that overwhelmingly go to the wealthiest Americans."

Under the Affordable Care Act (ACA), low and moderate income Americans have been able to get coverage due to a tax on individuals making more than $200,000 a year, or $250,000 for couples filing jointly.

Supporters of the AHCA say cuts to Medicaid and reversing the program's expansion would reduce the federal deficit and lower health care costs.

Essig says the majority of Medicaid recipients who could be impacted by cuts would be the elderly, people with disabilities, pregnant women and children.

He adds that insurance premiums for an average 64-year-old with an income of $27,000 would rise from $1,700 to more than $16,000 a year.

Essig warns that bankruptcies due to medical bills, which have gone down under the ACA, or Obamacare, could be back on the rise.

"Real people will end up losing their health care coverage, and that will impact people's health, people's lives and people's bank books,” he states. “We're going to be going back to where we were, which I don't think is where anyone wants to go."

The CBO predicts that 637,000 Tennesseans would lose coverage by 2026 under the GOP plan.

The U.S. Senate has not yet made its version of the health bill public, and has promised to bring it to a vote before the July recess.


Stephanie Carson/Scott Herron, Public News Service - TN