Trump Care Expected To Cut $765 Billion in Taxes Over 10 Years
Throughout the campaign trail, Republican presidential candidate Donald Trump made a promise to repeal the Affordable Care Act–AKA Obamacare. Fast forward less than a year later, President Trump has scored his first legislative victory when the U.S. House of Representatives voted 217-214 to repeal Obamacare. Although the bill known as Trump Care requires approval from the Senate, it could have not only a huge an impact on the healthcare of millions of Americans, it will also affect taxpayer through the country.
Good News for the Wealthy
One of the criticisms of Obamacare among Republicans is it raised taxes on wealthy American to subsidize health insurance for the poor. The new Trump Care bill passed by the U.S. House of Representatives would redistribute money in a completely different direction. The results will be one of the largest tax cuts in U.S. history by reducing government subsidies given to Medicaid recipients, including thousands of Fort Lauderdale residents who purchased health insurance on the individual market.
Reducing Care for the Poor
While nobody wants to pay higher taxes, there are some consequences involved with the Trump Care bill. In addition to hurting those previously covered by Medicaid, health insurance premiums are expected to rise for those with pre-existing conditions. As a result, 14 million fewer American will be covered by Medicaid by 2026. The new bill would also carry some severe for the elderly. Trump Care would allow insurance companies to charge seniors up to five times more than younger Americans. It would also eliminate several government subsidies designed specifically for the elderly.
Many people throughout Fort Lauderdale complain about their taxes. But whether it is the state sales tax, local property taxes or filing incoming taxes, many people underestimate their power to create change. The politicians in Tallahassee and Washington D.C. are people whose jobs are to represent the wishes of their constituents. However, far too many people do not participate in the democratic process. Less than 50 percent of registered voters throughout the state took part in the electoral process. It’s a scary statistic when you consider the close finishes in several states.
How a Fort Lauderdale Tax Attorney Can Help
Countless people throughout Fort Lauderdale are struggling with tax problems. Many owe back taxes or face penalties from the IRS, including bank levies, wage garnishments, and tax liens. For many, it can seem overwhelming. Many people are afraid to answer their phones or even open their mailboxes. But there are solutions. Fort Lauderdale tax attorneys Ira L. Zuckerman have been providing advice and legal representation for countless men and women. With more than 30 years of combined experience, they can help address any questions or concern about tax problems. To learn more about how a Fort Lauderdale tax attorney can help, contact the law offices of Zuckerman Law, LLC today and schedule a free confidential consultation to discuss your situation.