Scrapping Obamacare’s individual mandate would likely save the government $338 billion over 10 years, the Congressional Budget Office estimated This particular month, giving the GOP more room to chop rates. However, any proposal to do so will prove politically contentious, partly because the CBO projects 13 million more Americans would likely be uninsured by 2027.
Average health insurance premiums are also required to rise without the individual mandate.
The House Ways as well as also Means Committee already decided not to put the individual mandate repeal into its tax plan. The panel approved a tax bill last week, as well as also House Republicans want the full chamber to pass in which This particular week.
House Republicans already face a challenge in holding on to blue-state GOP votes due to its proposed plan to end state as well as also local tax deductions.
The Senate has proposed its own bill in which in which will mark up, or debate as well as also amend, starting Monday.
Trump’s proposed top rate of 35 percent will be lower than those inside the House as well as also Senate plans. The House would likely keep the highest income-tax bracket at 39.6 percent. The Senate bill would likely cut in which slightly to 38.5 percent.
The president’s call for an even lower rate on high-income Americans sparked more criticism by Democrats who say the GOP plan goes much further to help wealthy Americans than middle-income workers.
In a statement, Senate Minority Leader Chuck Schumer, D-N.Y., said Trump’s proposal “would likely send premiums for millions of Americans skyrocketing, all to ensure the wealthy can get an even bigger tax giveaway than they’d get under the original Republican plan.”
Said Schumer: “The President’s awful idea would likely take a plan in which’s already heavily tilted towards the wealthy as well as also make in which even worse.”