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While the American people have yet to see a real tax reform proposal from the Trump administration, even after the President’s tax rally in Missouri last week, the broad principles the administration outlined earlier this year makes clear who their policy will prioritize helping: millionaires and billionaires.
After the Senate voted down the repeal of the Affordable Care Act (ACA), President Trump said to “let ObamaCare implode, then deal” and threatened to end government payments to insurers that lower consumers’ out-of-pocket costs. For Congress to move forward from the July repeal process, the administration must stop trying to sabotage the health insurance market.
Education plays a critical role in American’s lifelong economic success. Adults attaining only a high school diploma earn $400,000 more over their lifetime than those who did not graduate high school. Adults with associate, bachelor’s, and graduate degrees earned, respectively, $280,000, $920,000, and $1.6 million more over a lifetime than someone with only a high school diploma.
The Senate Republicans’ latest attempt to repeal the Affordable Care Act – dubbed the “skinny repeal” – would destabilize the individual market and drive up costs, while paving the way for full repeal. If this proposal – which is more aptly named “repeal and run lite” – passes, Senate Republicans will send the House Freedom Caucus a blank check to make deep cuts to Medicaid, give generous tax breaks for the wealthy, and eliminate consumer protections for pre-existing conditions.
As new iterations of the same TrumpCare have failed, Senate Republicans are pushing a vote to repeal the Affordable Care Act (ACA) without a replacement plan. This threatens to drop millions from health care coverage, increase premiums, raise uncompensated costs to hospitals, and devastate state and local economies.
In 2013, Republicans were quick to call the Affordable Care Act (ACA) a disaster, racing to the cameras to falsely claim that 5 million Americans were losing coverage. Republicans did not mention that all these people did not actually lose coverage but could now sign up for new plans with enhanced consumer protections, many paying less for better coverage with the help of a new affordability tax credit. Republicans are now looking to fully repeal the ACA without a replacement plan, this time actually leaving more than 30 million people without coverage of any kind.
Since the U.S. trade balance with Russia began deteriorating in November 2016, U.S. exports to Russia fell $203 million on an annualized basis after inflation, or 3 percent; imports from Russia, larger in volume than exports, increased $1.8 billion dollars, or 13 percent. In all, the U.S. trade deficit with Russia worsened by 24 percent in the seven months through May, the most recent available data.
Greater uncertainty complicates these decision and is exceedingly costly, which is why businesses and consumers invest substantial resources and time to limit it and manage risks of the unknowable. The public sector can play a significant role in creating certainty or completely undermining it. Republicans have decided to take the latter approach by dismantling the ACA.
Families across the nation face difficult challenges providing for themselves and their loved ones. Earlier this year, President Trump released his FY2018 budget proposal that would severely worsen these challenges for working Americans. This week, the House Budget Committee passed a budget resolution that doubles down on Trump’s most harmful proposals and goes further by cutting taxes for the wealthiest Americans and corporations while slashing funding for proven programs on which millions of Americans rely.
Over the course of the past six months, Americans have raised their voices to Congressional Republicans that their TrumpCare bills do not work for the American people. Now, Republicans are going back to their original rallying cry of repealing the Affordable Care Act (ACA) without a plan in place to provide adequate health care to millions of Americans.