DPCC Report: Wealthy To Reap Rewards from ACA Repeal
U.S. Senator Debbie Stabenow (D-MI), Chair of the Democratic Policy and Communications Committee, today released a report on the ways repealing the Affordable Care Act (ACA) would hurt middle-class families in America.
The report highlights that wealthy Americans and corporations would receive billions in tax breaks if the ACA was repealed. For example, households with incomes over $250,000 would receive tax cuts worth about $45 billion per year. Pharmaceutical companies would also pay $2.8 billion less in taxes each year, while seniors would pay billions more for prescription drugs.
“If President Trump and Republicans in Congress get their way and the Affordable Care Act is repealed, the livelihoods of middle-class families would be at risk. Not only would about 20 million Americans lose their current health insurance if the ACA was repealed, but drug companies and the rich would also benefit from a huge tax giveaway. Democrats are committed to expanding access to health care for all Americans and ensuring our country’s tax laws lift up middle-class Americans, not just the rich,” said Senator Stabenow.
“This report shows that if the Trump administration succeeds in dismantling the Affordable Care Act, it would be yet another blow to the middle-class, wiping out pre-existing condition protections for millions of Americans, while giving pharmaceutical companies and the wealthiest Americans sky high tax breaks. The Trump administration and Congressional Republicans say they want to protect Americans’ health care, but their non-stop efforts to undermine Americans’ care and pad the pockets of drug companies and those at the top tell a different story. Democrats will continue to fight to protect Americans’ health care,” said Senate Democratic Leader Charles Schumer.
In addition to giving tax breaks to wealthy families, repealing the ACA would put health care for millions of Americans at risk, including the following devastating effects:
- Protections for people with pre-existing conditions would be eliminated.
- The number of uninsured people in the U.S. would increase by 19.9 million, or 65%.
- Insurance companies could impose lifetime and annual limits and kick young adults off their parents’ health insurance plans.
- Women’s health care costs would rise.
- Mental health and addiction services would be put at risk of elimination.
- Prescription drug costs would skyrocket.
- Access to home and community-based services would be in jeopardy for seniors.
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