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TAX CREDITS WILL HURT THE STATES

The proposed insurance TAX CREDITS will hurt most states. Let me explain. I’ll try to make it simple.

About 29.8 are currently enrolled. If the ACA is repealed, they will lose health care. Simple deduction. In my State, Arizona, 709,000 people are enrolled. The Feds give Arizona $3.4 billion in matching Federal Funds.

If the new Trumpcare passes, Arizona will lose that “subsidy” of $3.4 billion. Other states will lose more or less, but, will lose. States that did not accept the subsidy, will lose, as well. Pay attention. Those who lose coverage will be forced to go to the Medicaid EXPANSION that will occur, taking MORE money from the State in lost insurance premium tax credits. People paying now, will cause job loss, personal income will be lowered by billions, health care industry jobs will decrease, 47% job loss in the industry in two years.

Republicans offer “vouchers” and tax credits. The voucher will initially shift approximately 11 percent of costs ($750) to seniors in 2023, an amount that will grow to 45 percent ($15,700) by 2087 (all figures are rounded). You can see how this adds up.

For example, a 40-year-old female who expects to retire at 65 in 2037 will live to about 2058, during which she will pay roughly $82,800 more for health care. Anything OVER the voucher coverage will be the responsibility of the individual.

Of the 709,000 people, 203,000 get coverage from the Exchange’ marketplace plans. If the State loses matching funds, it will cost Arizona $3.4 billion of it’s own revenue, plus it’s current matching rate. Double. Here’s the Mid-range problem. These people will now receive Tax Credits. 203,000 people taking an average in tax credits of $3600 a year, which means $730,800,000 (million) in LOST TAX REVENUE TO THE STATE.

I hope Arizona and ALL states look at the FACTS, not the ALTERNATE FACTS.

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