Americans for Tax Reform wrote an Op-Ed in The Hill on the many middle class tax cuts in the Senate’s Healthcare Reform Bill.
The article points out numerous examples of the Senate’s “Better Care Reconciliation Act” (BCRA) undoing Obamacare taxes that are directed at the middle-class. A few notable taxes repealed include:
· Rolling back the individual mandate tax penalty which hits 8 million American families of four with a tax increase amounting to$2,000
· The repeal of heavy taxes on medical device and prescription drug manufacturers
· Repealing tax increases on families with high medical bills
· Increasing the ability for families to save for healthcare costs in Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)
· Eliminating the tax on health insurance, which affects 11 million households that purchase care through the individual insurance market and 23 million households covered through their jobs
· Eliminating the tax on net investment income that hinders small businesses
In total, the BCRA will reduce taxes by $701 billion over the next decade. This is a huge win for taxpayers, especially middle class American families. Read the full piece here.