Outrage over $400 million tax break for insurance executives under GOP Obamacare replacement plan

[Yo_Mama_Been_Loggin]

Democrats on Wednesday broadly blasted a proposed Obamacare replacement bill after learning the federal government would lose about $400 million in lost tax revenue over the next decade due to a sweet break for health insurers.

Rep. Sander Levin, D-Mich., said that the tax break related to executive pay underscores the fact that the Republican replacement bill is "the beginning of a huge giveaway to the very, very wealthy," and the end of insurance coverage to millions of lower-income people.

"We're starting off... with essentially a giveaway to insurance executives," Levin said.

The proposed tax break, buried in cryptic language in the Republican plan, would allow health insurers to more fully deduct the value of their executives' compensation on their taxes. That compensation can be as high as tens of millions of dollars, in the case of CEOs of insurers.

http://www.msn.com/en-us/news/politics/outrage-over-dollar400-million-tax-break-for-insurance-executives-under-gop-obamacare-replacement-plan/ar-AAo1XOm?li=BBnbcA1

[pnwmom]

1. And meanwhile the hospitals are getting screwed.

They had their Medicare reimbursement reduced under Obamacare and that's not going to change.

Plus they'll have millions losing their Medicaid coverage when that takes effect.

And these are the SAME hospitals everyone with good insurance will be using and EVERYONE will feel the effects.

[red dog 1]

2. K&R!

Democrats need to shout about this outrageous GOP bullshit from the rooftops...and in radio & TV ads as well.

[Bill USA]

3. the L.A. Times article goes into a little more detail...

Here's the secret payoff to health insurance CEOs buried in the GOP Obamacare repeal bill
http://www.latimes.com/business/hiltzik/la-fi-hiltzik-obamacare-ceos-20170307-story.html

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The limit also was slotted in as one of many other revenue-raising provisions of the ACA. According to the Joint Committee on Taxation, the reduced deductions would be the equivalent of raising $600 million over 10 years. The House GOP bill repeals most other taxes and other revenue-raising provisions in the ACA, leaving unanswered the question of how it intends to pay for the pieces of the law that remain.

The House Republican bill repeals the compensation limit as of the end of this year. The GOP hasn’t exactly trumpeted this provision; it’s six lines on page 67 of the measure, labeled “Remuneration from Certain Insurers” and referring only to the obscure IRS code section imposing the limit. Repeal of the provision apparently means that the insurers will be able to deduct $1 million in cash per executive, plus the cost of “performance-based” stock awards and options, like other corporations.

The Institute for Policy Studies calculated in 2014 that the 10 biggest insurance companies had paid their top 57 executives a total of $300 million the previous year. Because of the ACA rule, they were able to deduct [font color="red"]only 27% of the sum. Without the ACA, they would have been able to deduct 96%[/font].

[They_Live]

4. kick

[Lanius]

5. The GOP is the party of and for the rich. I wish non-wealthy, moderate Republicans could see that.

[Cosmocat]

8. They do

They just don't care

[Scarsdale]

9. Politicians

How much of this money will end up with the politicians? PLENTY. This is how they all end up as millionaires when they retire!! Lining their pockets at the expense of citizens. This disgusting healthcare package is worthless to regular people. Ryan is also quietly draining the Medicare Fund, until seniors will get vouchers for their healthcare. Next up? Social Security will be privatized until it is demolished. Why should THEY care, they will be filthy rich!!

[zentrum]

6. But, but, but

....isn't this the man who's gonna drain the swamp and help the little guy?

[AgadorSparticus]

7. Sickening!!

[bdamomma]

10. this cannot stand or even be accepted.

they are treating the American people with such disrespect. Doesn't this get people enraged????