Republicans are on the fast-track to repealing Obamacare and throwing Americans off their life saving healthcare. But in the process of sticking it to middle class once again, Republicans are using their Obamacare replacement to give more money to rich people.
Republicans are giving away $400 million in tax cuts to CEOs of insurance companies, according to language buried deep in their proposed plan.
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.