What The Repeal Bill Actually Says

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Here is a very good short summary of the Ryan/Trump repeal and replace bill from Betsy McCaughey writing at Investor’s Business Daily:

Ignore the grandstanding on Capitol Hill and the noisy town hall protests around the nation. The Republican bill to repeal and replace ObamaCare — will boost your chances of getting a job and cut your tax bill. Not to mention  insurance costs. The repeal bill — American Health Care Act — also will stave off a tidal wave of future Medicaid spending that threatens to drown the states and Uncle Sam in red ink.

No More Penalties

If you’re among  the 8 million people getting whacked with a tax penalty for not enrolling in an over-priced ObamaCare plan, the repeal bill is good news. The federal government will no longer compel  you to buy insurance.

The repeal bill also cancels penalties on employers. ObamaCare forced all but the smallest employers to provide a benefits package far costlier than what they had been offering prior to the ACA. Employers passed these costs onto workers, raising deductibles by 50% on about 155 million people.

Other employers dropped coverage altogether for millions of workers. Only in Washington D.C. would an employer mandate result in fewer people getting on-the-job coverage.

Still other employers — like community colleges and fast food outlets — demoted workers to part-time status (below 30 hours a week) to avoid the mandate. In New York, some service and manufacturing companies stopped hiring altogether, according to the New York Fed.

Without repeal, there would be 2 million fewer people with full time jobs by 2025, according to the Congressional Budget Office. The repeal bill is a jobs program.

Lower Taxes

It’s also a massive  $600 billion tax cut. It eliminates taxes that pushed up the costs of insurance and  devices like artificial hips. It also  allows people to put aside more earnings tax free in a health savings account for out of pocket health expenses. And  it eliminates the taxes that targeted people earning more than $200,000 a year, including the Obamacare payroll tax hike (2.35%) and the 3.8% Obamacare tax on unearned income.

Read more: Investor’s Business Daily

Image credit: hxdbzxy / Shutterstock.

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