Articles Posted in TAX PROBLEMS

mitch-300x226It may take days, weeks, years, or even a decade to fully determine what the Republicans in Washington have done to the nation’s health care with the U.S. Senate’s middle-of-the-night approval of more than $1 trillion in changes to the U.S. tax code. But it will at least be big, and maybe huge.

The House and Senate still must reconcile their versions, and President Trump must agree to what lawmakers settle among themselves. So the extent of the health harms the ostensible tax bill—which many have said is really a health bill with tax cuts attached—may inflict on Americans remains up in the air, to a degree.

Millions will lose their health insurance coverage,  because the tax bill repeals Obamacare’s requirement that taxpaying citizens show they have health coverage, the so-called individual mandate. Without the mandate, consumers can wait to buy insurance until they get sick, the equivalent of buying fire insurance on your house when it’s burning down. But this means insurers have to jack up rates to offset all the gaming of the system.  It also opens the way to “skinny” or skimpy health plans that really offer little or no coverage for the sick or those in need of medical services.

azar-235x300Members of Congress have scattered back to their districts for Thanksgiving, giving the nation a bit of a break from the health policy turkey shoot that has besieged the nation’s capital. The health- and medical-related actions have piled up so fast and furious that it can be daunting.

But let’s not overlook:

  • The hot mess that’s supposed to be a GOP wish list of tax changes has, instead, turned into yet another attempt to gut the Affordable Care Act, aka Obamacare, this time by eliminating the “individual mandate” that requires Americans to show through their tax returns that they have health insurance coverage. Tax policies invariably are complicated. Let’s simplify this one: Partisans want to slash the ACA, so they can take money from it — $300 billion or so — to help “pay for” $1 trillion or more in tax cuts for giant corporations and the wealthy. This legislative legerdemain will mean 13 milllion Americans will lose health coverage and insurance premiums for millions will rise 10 percent, according to the independent Congressional Budget Office.

Patrick Malone & Associates, P.C. listed in Best Lawyers Rated by Super Lawyers Patrick A. Malone
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