Trumpcare is chock-full of tax cuts for the rich. That's the primary thing about it—that, and killing Medicaid. In the proposed $880 billion cut from Medicaid in the next decade is going to provide those tax cuts to the richest—and the new version of the bill they're considering is aimed at making those tax cuts happen faster!
Just look at it, courtesy of Kevin Drum and the good folks at the Center on Budget and Policy Priorities.
Here's one of the big, hidden tax cuts they make, under the guise of "freedom" for people: health savings accounts (HSA). Most Americans—about 60 percent of them—can't even afford to have $500 in a regular savings account, so HSAs are not the silver bullet to make healthcare more affordable for the average American.
They are, however, a nice little tax shelter for the wealthy, made nicer by Trumpcare.
Under the GOP plan, the cap on these “Health Savings Accounts” would nearly double, from the current family limit of $6,750 to a proposed $13,100. […]
Health policy specialists say the accounts in their current form tend to be attractive to higher-income people who face higher marginal tax rates and benefit more from taking a deduction. Treasury data shows that in 2014, more than half of the total amount directly contributed to health savings accounts came from households making more than $100,000 a year.
Doubling the contribution limit — which is $3,400 for an individual and $6,750 for a family — would make them more attractive mainly for people who have plenty of extra cash to increase their contributions. […]
An analysis from the Tax Policy Center found that more than 16 percent of people who filed taxes with an income above $200,000 made contributions to a health savings account, compared with fewer than 2 percent of those who made less than $30,000. Data from the Treasury Department show that of those who make deposits into their accounts — and therefore receive the tax advantages of deducting the amount from their income — more than 60 percent make more than $75,000 a year.
Just like everything else with Republicans and their "healthcare" plans, HSAs are not about making healthcare more affordable. Theyvare about tax cuts for the rich.
The House is scheduled to vote on Trumpcare on THURSDAY, MARCH 23. Even if you already called your member of Congress, do it again by calling the Capitol Hill switchboard at (202) 224-3121. Jam the phone lines, urge them to vote NO.
