Congress is expected to soon send legislation to the President’s desk that will undo the damage caused by Obamacare by repealing key provisions of the law. Most importantly, this bill cuts taxes by $1.052 billion and reduces spending by $1.35 trillion over a ten year window, according to an analysis by the Congressional Budget Office. ATR supports this pro-taxpayer, pro-growth legislation and encourages all members of Congress to support it.
The legislation, H.R. 3762, the “Restoring Americans’ Healthcare Freedom Reconciliation Act,” dismantles key parts of Obamacare including dozens of taxes, the individual and employer mandates, wasteful exchange subsidies, and the unsustainable expansion of entitlement programs.
Specifically, this bill repeals numerous Obamacare imposed taxes including the Cadillac tax on employer sponsored health plans, the tax on Health Savings Accounts, the medical device tax, the health insurance tax, the tanning tax, and the medicine cabinet tax. In addition, this legislation repeals the burdensome individual and employer mandates to restore greater flexibility over finances for families and small businesses alike.
Reconciliation also restores over $700 billion in funds to Medicare that was raided to fund new entitlements when Obamacare was passed. Restoring these funds shores up the long term sustainability of Medicare.
Lastly, this legislation repeals exchange subsidies and the unsustainable Medicaid expansion after a two year period. This will give the Republican controlled Congress time to implement its own healthcare reforms based around patient-centered, free market care. Speaker Paul D. Ryan (R-Wis.) has said the House will begin this process later in the year by crafting its own healthcare plan that will prioritize patients and caregivers, decrease costs, and increase efficiency.
Six years on, Obamacare is undisputedly a failed law. Since its implementation, it has increased costs, reduced choice, and has been resulted in billions in wasted taxpayer dollars. Congress should be applauded for crafting legislation to repeal this burdensome law and should swiftly send it to the President’s desk as step one in making healthcare truly accessible and affordable for all American families.