The chances of the tax cut bill passing in the US Senate just dropped…
Trying to sneak back to some sort of Obamacare Repeal stance is NOT gonna help things with the group of Senator’s, Republicans , who sunk previous efforts to scuttle the Affortable Helathcare Bill…
Senate Republicans took a big gamble Tuesday with their tax reform bill, adding a partial Obamacare repeal provision that would free up more money for tax cuts, but also inject significant new political hurdles.
The change, backed by President Trump and a handful of senators, would end the mandate under the Affordable Care Act that all Americans have health coverage. Senate GOP leaders had previously rejected the idea as too risky to include in their tax package, particularly after the repeated failed efforts earlier this year to repeal and replace the 2010 law.
Repealing the mandate would save the government an estimated $338 billion over 10 years, but only because millions of people would stop buying insurance and therefore would no longer receive subsidies to help pay for their premiums.
Looking for a way to fund their ambitious tax plan and under fire for giving most of the breaks to corporations and the wealthy, Senate Republicans made a last-minute decision to insert the Obamacare repeal. They plan to use the savings to pay for additional tax cuts for middle- and upper-class Americans.
It remains to be seen whether Senate leaders can muster the 50 votes needed from their own party to pass the new version, though they expressed confidence. “We’re optimistic that inserting the individual mandate repeal would be helpful,” Senate Majority Leader Mitch McConnell (R-Ky.) said.
As a possible concession to lure centrist Republicans who sank previous efforts to repeal the healthcare law, Senate leaders indicated they would move ahead with a bipartisan healthcare compromise bill worked out by Sens. Lamar Alexander(R-Tenn.) and Patty Murray (D-Wash.) that is intended to stabilize the healthcare markets. “We’re committed to moving Alexander-Murray,” Thune said.
But by inserting healthcare into the tax debate, Republicans risked reactivating opposition from the coalition of healthcare groups that helped quash their earlier repeal efforts….
Here’s another potential problem with the Senate Republicans’ revised tax plan: “[T]hey are proposing making the new individual benefits expire at the end of 2025 in an effort to avoid adding to the long-term federal deficit,” the Los Angeles Times reports. “Proposed cuts to corporate taxes would be permanent, under the revised Senate plan.”
“Expiration of the individual tax cuts [is] likely to bolster criticism that the GOP overhauls favors corporations over middle-class Americans,” the LA Times adds.
According to September’s NBC/WSJ poll, a majority of Americans – 55 percent – said they preferred INCREASING taxes on corporations, versus 16 percent who favored DECREASING taxes for them. In other words, the individual tax cuts are more popular than the corporate ones are….
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