The Senate’s bill to repeal the Affordable Care Act with the American Health Care Act (AHCA) is not a healthcare bill. It’s a tax cut for the wealthiest Americans, paid for by a dramatic reduction in healthcare funding for approximately 23 million poor, disabled, working and middle-class Americans.
America’s wealthiest taxpayers (earning more than $200,000 a year, $250,000 for couples) would get a tax cut totaling $346bn over 10 years, representing what they save from no longer financing healthcare for lower-income Americans.
That’s not all. The bill would save an additional $400bn on Medicaid, which Mitch McConnell, Paul Ryan, and Donald Trump are intent on shrinking in order to cut even more taxes for the wealthy and for big corporations.
If enacted, it would be the largest single transfer of wealth to the rich from the middle class and poor in American history.
This disgrace is being proposed at a time when the country’s rich receive the highest percentage of America’s income since the era of the robber barons of the late nineteenth century. They have received virtually all income growth since 1981 because of their massive financial and political power.
According to the Economic Policy Institute, “As Medicaid is slashed, households’ premium costs (will) skyrocket, and protections for people with preexisting conditions are eliminated, 23 million Americans will lose their health insurance by 2026. The majority would lose it to breathtakingly large cuts to the vital Medicaid program (almost $900 billion over the next decade). Further, millions more would lose the coverage they get through their employer if AHCA passes.”
In other words, the AHCA is a massive income redistribution program from the 99 to the 1 percent.