The bill that has emerged from closed-door negotiations between House and Senate Republicans remains deeply harmful to the working class, the elderly, and the sick. The only good news is that the bill retains the medical expense deduction which so many older Americans rely upon. The rest is bad news.
- Triggers an automatic $25 billion cut to Medicare.
- Blows a $1.5 trillion hole in the federal debt, inviting future cuts to Social Security, Medicare, and Medicaid.
- Zeroes-out the tax penalty for the Obamacare coverage mandate, which will cause an estimated 13 million Americans to lose insurance – and result in higher premiums for older adults (an average of $1,500 in 2019).
- Uses the paltry “Chained CPI” inflation index to calculate adjustments to tax brackets and deductions, which will not only result in tax increases, but could ultimately result in lower Social Security cost-of-living adjustments (COLAs).