The Senate is currently moving forward with legislation to repeal significant portions of Obamacare through a procedure known as reconciliation. This allows the Senate to pass repeal legislation with a simple majority, place it on the President’s desk, and forces him to defend his failed law to the American people. ATR urges full support for this pro-taxpayer package.
This legislation contains numerous provisions that will help undo the damage caused by Obamacare. It is a net spending cut, reduces taxes to the tune of a trillion dollars, and reduces the deficit. Among the provisions are several important reforms that are especially beneficial to taxpayers.
Repeals Obamacare Tax Hikes
The Senate legislation repeals the many Obamacare taxes including the Cadillac tax on employer sponsored health plans and HSAs, the prescription drug and medical device taxes, the medicine cabinet tax, the tanning tax and more. These are all gone under the reconciliation bill and it will reduce the burden on American families and small businesses by over a trillion dollars over ten years.
Restores funding to Medicare
When it was passed, Obamacare stole more than $700 billion in Medicare funds to fund new Obamacare entitlement programs. Reconciliation legislation sends this money back to medicare to ensure the program remains stable.
Repeals the Individual Mandate
This legislation repeals the individual mandate — that forces individuals to buy health insurance or pay a tax penalty. A recent analysis by the Congressional Budget Office and the Joint Committee on Taxation found that repealing the individual mandate would decrease spending by $311 billion over ten years and reduce the federal deficit by $305 billion over the same window.
Repeals the Employer Mandate
Obamacare’s employer mandate tax penalizes employers as much as $3,000 per employee if they do not offer health insurance. Reconciliation repeals this onerous mandate – which has created unnecessary burdens for small business owners.
The Senate legislation is good for American families and businesses and helps undo many of the damaging taxes, mandates, and spending the law created. The reconciliation bill is a net spending cut, a net tax cut (of $1 trillion), and reduces the national debt. All Senators should vote yes on this legislation.