WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) is fighting against efforts to pay for tax cuts for corporations that ship jobs overseas by repealing a cornerstone of the Affordable Care Act, known as the ‘individual mandate.’ News broke this afternoon that Senate Republicans plan to slip the healthcare provision into a last minute update to the tax reform bill expected late tonight.
According to the Congressional Budget Office (CBO), repealing the individual mandate would:
- Cause 13 million people to lose their insurance;
- Raise health insurance premiums by about 10 percent; and
- Provide Senate Republicans with $338 billion that currently goes toward helping working families afford their health insurance to help offset their proposed tax cuts for corporations.
The updated tax bill is expected to use the $338 billion from taking away health insurance subsidies to help pay for tax cuts for corporations, including those that outsource American jobs. An expert tax witness confirmed to Brown today that the current tax bill encourages corporations to send jobs overseas.
“Tax reform should be about cutting taxes for working families, not raising the cost of their health insurance,” said Brown. “It’s outrageous that Senators, whose own healthcare is paid for by American taxpayers, would try to take healthcare away from working families in order to cut taxes on corporations that send jobs overseas.”