Despite President Obama hilariously stating that he’s made healthcare more cheap for all Americans, the facts state a different story. According to the Chamber of Commerce, the Affordable Care Act’s health insurance tax will lead to more premium hikes. This must be stopped — but can only be stopped if President-elect Trump and the GOP begins repealing it ASAP.
As you can see in the two tweets above, President-elect Trump and the GOP are going to put in an intense effort to overthrow Obamacare. THANK GOD!
Obamacare mandated that the health insurance industry as a whole be taxed a fixed amount each year. This tax would be split between insurers based on their proportional market share as measured by total premiums.
The tax cost health insurers $8 billion in 2014, the first year the Affordable Care Act went into effect. That collective tax rose to $11.3 billion in 2015 and 2016. I will rise to $13.9 billion in 2017, and will rise again to $14.3 billion in 2018.
“The logic behind this tax is that insurance companies will make money from increased enrollment due to the ACA, and therefore should pay more to the federal government,” said Robert Book, a health care and economic expert at the American Action Forum.