With the new Trump Tax Bill, average Americans could save at least $2000 a year. On top of that, Americans could finally NOT be forced to purchase expensive and unnecessary health care insurance under Obamacare. Why should most Americans be forced to pay for something we didn’t want or need, in the first place, just because members of Congress exempted themselves from Obamacare. What ever happened to ‘you can keep your doctor’?
Congressional Republicans promised for years to do away with the burdensome Affordable Care Act, better known as Obamacare, but were unable to do so when it came time to pull the trigger.
Though their repeal and replace efforts came up short, it appears Republicans will at least be able to get rid of perhaps the most onerous part of Obamacare via their tax reform bill — the individual mandate requiring everyone to have health insurance, according to Newsmax.
Without question, the individual mandate was the most loathsome aspect of Obamacare, as it forced healthy American citizens who may not want or need health insurance to carry a policy regardless — and American citizens don’t generally liked being forced into doing anything.
Of course, the naysayers are now worried that if fewer healthy people purchase unnecessary health insurance policies, rates for those who still carry coverage will increase — ignoring the fact that premium rates for everybody were increasing regardless, despite repeated promises to the contrary from the prior administration.
According to NBC News, the Congressional Budget Office stated that the repeal of the individual mandate will likely result in about 4 million fewer Americans having insurance coverage by 2019, and up to 13 million fewer by 2027 — though they neglect to mention that lack of coverage may be by choice.
On the bright side, with fewer people signing up for subsidized health care plans, the CBO estimates that taxpayers will be saved about $338 billion over the next ten years. Even brighter, without the mandate forcing people to enroll in the health insurance markets, the death spiral for Obamacare overall should be hastened.
It is also worth pointing out that the fear of increased premiums due to the repeal of the individual mandate is largely confined to what is known as the “nongroup market,” a relatively small slice of the population that don’t receive health insurance coverage through their employer, the military, Medicare or Medicaid.
The Hill reported that the CBO estimated that those other markets will remain stable despite the lack of the individual mandate, but were concerned that the nongroup markets could see premiums rise by about 10 percent, and potentially even see some insurers pull out of certain areas if not enough people were signing up.
However, other analysts suspect the fears regarding the potential consequences of repeal are largely overblown, considering the individual mandate wasn’t particularly effective at forcing people to purchase unwanted insurance in the first place.
Meanwhile, CBS News reported on the rest of the finalized tax bill that has emerged from the congressional conference committee that forged together the House and Senate versions of tax reform.
Most notably, it lowers the corporate tax rate from 35 percent — one of the highest rates among industrialized nations — down to 21 percent, making U.S. businesses far more competitive in the global markets.
Though a number of different itemized deductions have been cut or reduced, the standard deduction taken by the vast majority of tax filers was nearly doubled from $6,350 to $12,000 for a single person, and from $12,700 to $24,000 for a married couple — an increase that should make up for any losses that might be realized through other lost deductions.
Furthermore, for all of the hand-wringing regarding proposed cuts to the deduction on state and local income taxes — which would theoretically result in some taxpayers living in high-tax states paying more — a compromise was reached allowing up to $10,000 in deductions on state, local and property taxes.
All told, it is estimated that the average working family will save upwards of $2,000 per year on their taxes, real savings that can help real people. Check out this handy tax calculator to find out how much you personally might save.
Combine those savings with the money saved by not being forced to purchase an expensive and unnecessary health insurance policy, and the average American will have even more money to put toward whatever they want to spend it on, instead of what the government tells them to spend it on.
Merry Christmas America! Thanks to President Trump not only is Jerusalem the capital of Israel going to be recognized as our Embassy, but Trump is getting rid or the mandate required for Obamacare! #MAGA
Sign up to get alerts from Joe!