In an attempt to get around the ACA’s individual mandate requirement, the GOP is trying to repeal it through legislation known as the “skinny repeal.”
However, the House bill would be so expensive that even some Republicans who support the ACA would be opposed to it.
The House plan, which would likely pass in a vote later this month, is being billed as a “skinney repeal” bill.
It would repeal the ACA requirement for most Americans to have health insurance and allow states to impose higher premiums on people who do not have insurance.
It also would repeal “Obamacare’s tax credits,” a provision that allows low-income Americans to purchase insurance coverage from the government, according to a summary of the proposal.
The GOP plan is being marketed as an “all-of-the-above” plan, meaning it would replace Obamacare’s taxes with more spending cuts.
But many conservative analysts argue that such a “pro-growth” approach would lead to a loss of economic activity and job creation.
A report from the Center for American Progress released last week estimated that the GOP repeal bill would result in an estimated 14 million fewer jobs over the next decade and the loss of about 6 million people.
The report, written by the American Enterprise Institute’s David Stockman, noted that “a number of key provisions of the bill” could have a negative impact on the economy, including a plan that eliminates the individual mandate and “a new tax credit that could encourage businesses to shift more of their spending to other industries or other countries.”
In addition, the report noted, the bill “could lead to massive job losses, especially in manufacturing, manufacturing and services, sectors where there are the most opportunities to make a profit.”
The report added that it is also possible that the bill will lead to “tax increases for businesses and individuals that do not participate in the tax credits.”
The CBO estimated that “the bill would increase the deficit by about $1.5 trillion over 10 years, as well as by about 10 percent of the economy.”
It also said the bill could lead to the loss or shrink of “about one-third of all jobs in 2026.”
The Associated Press reported that the House Republican tax plan, called the “Jobs, Prosperity, and Security Reconciliation Act of 2017,” would increase taxes for corporations, individuals, and businesses by roughly $1,300 per worker, per year.
It will also reduce tax credits by $1 and $300 per person per year for individuals.
Republicans have said the plan is a job-creating plan that will pay for itself, and that the proposed changes would only benefit those who already have insurance and those who earn too much to qualify for Medicaid.
But the report from CAP found that the Republican plan could have “profoundly negative consequences” on the American economy.
The CBO’s report also said that “there is evidence that repealing the ACA tax credits and the individual Mandate could cause a significant shift in health care spending away from higher-income individuals to lower-income and younger adults.”CAP’s report, authored by former House Budget Committee chairman and Sen. Mike Lee Michael (Mike) Shumway LeeGOP lawmakers introduce resolution calling on White House to release details on its tax plan Dems unveil ‘new health care bill’ that doesn’t eliminate Medicaid as ‘Trumpcare’ collapses MORE (R-Utah), said that the tax plan “would lead to significant increases in health insurance premiums, deductibles, out-of control deductibles and out- of control premiums for many Americans.”