WASHINGTON, March 24, 2017 /PRNewswire-USNewswire/ -- Americans for Tax Reform urges a YES vote on AHCA.
"The American Health Care Act is -- to start -- a $1 trillion tax cut and a $1.15 trillion spending cut over the next decade. It's passage makes fundamental tax reform possible this year. The AHCA block grants Medicaid and expands Health Savings Accounts. It's a giant step forward in lowering taxes and reforming our nation's health care system," said Grover Norquist, president of ATR.
The American Health Care Act (HR 1628) being voted on today abolishes the following taxes:
-Abolishes the Obamacare Individual Mandate Tax which hits 8 million Americans each year. This is part of a $270 billion tax cut.
-Abolishes the Obamacare Employer Mandate Tax.
-Abolishes Obamacare's Medicine Cabinet Tax which hits 20 million Americans with Health Savings Accounts and 30 million Americans with Flexible Spending Accounts. This is a $6 billion tax cut.
-Abolishes Obamacare's FSA tax on 30 million Americans. This is a $20 billion tax cut.
-Abolishes Obamacare's Chronic Care Tax on 10 million Americans with high out of pocket medical expenses. This is a $126 billion tax cut.
-Abolishes Obamacare's HSA withdrawal tax. This is a $100 million tax cut.
-Abolishes Obamacare's 10% excise tax on small businesses with indoor tanning services. This is a $600 million tax cut.
-Abolishes the Obamacare health insurance tax. This is a $145 billion tax cut.
-Abolishes the Obamacare 3.8% surtax on investment income. This is a $172 billion tax cut.
-Abolishes the Obamacare medical device tax. This is a $20 billion tax cut.
-Abolishes the Obamacare tax on prescription medicine. This is a $28 billion tax cut.
-Abolishes the Obamacare tax on retiree prescription drug coverage. This is a $2 billion tax cut.
The AHCA Also Has Big League Spending Cuts:
Under AHCA, by 2021 federal spending on healthcare as a percentage of GDP is reduced from 6.9% to 6.3%. As time goes by, the spending reduction gets larger.
Under AHCA, by 2027 total federal spending as a percentage of GDP is reduced from 23.4% to 22.4%.
"In addition to abolishing Obamacare's taxes, the AHCA reduces the total size of government permanently," said Norquist.
Contact: John Kartch
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SOURCE Americans for Tax Reform