As You Lose Your Coverage, Insurance Companies Will Get A $145 Billion Tax Cut From Trumpcare

The Republican health care bill will cause at least 22 million people to lose their insurance, and others will have to pay more while getting less, but according to the Americans For Tax Fairness, the top 8 insurance corporations will get a $72 billion tax cut.

According to statement from the Americans For Tax Fairness provided to PoliticusUSA, “While millions of people will lose their health insurance and health coverage as a result of Republican plans to repeal the Affordable Care Act (ACA), the nation’s 8 largest health insurance corporations will get a tax cut of about $72 billion over the next decade, according to new estimates from Americans for Tax Fairness. These companies will get nearly half of the $145 billion 10-year tax cut for the entire insurance industry estimated by the Joint Committee on Taxation.”

The financial priorities tell the real story of the Republican health care bill. The Senate bill is not about health care at all. The purpose of the legislation is to cut taxes for the wealthy and corporations while redistributing money spent on health insurance subsidies and coverage to the wealthy in the form of tax cuts.

“It’s appalling that Republicans in Congress would yank healthcare from 20 million people and give insurance companies a $72 billion tax cut,” said Frank Clemente, executive director of Americans for Tax Fairness. “Outrageous. President Trump promised not to cut Medicaid, and Republicans should keep that promise. We can’t afford any health care legislation that takes coverage away from Americans so that wealthy corporations can have a tax cut.”

The fact that Senate Republicans would try to pass such legislation indicates that the party is owned by billionaires and corporations. People last is the motto of Trump’s Republican Party, and any Senator who votes for this horrid bill deserves to immediately lose their seat.

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Jason Easley

Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.

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Member of the Society of Professional Journalists and The American Political Science Association

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