Friday, January 6, 2017
REPEAL AND REPLACE
Professor Annette Nellen posts about “Repealing Obamacare - Costs and Issues!” at 21st CENTURY TAXATION.
Annette correctly observes –
“Repeal won’t be easy and likely won’t be popular.”
I wrote about Obamacare in my post “Donald Trump for President is a Lot Like Obamacare” –
“The basic concept of Obamacare – universal substantive health insurance coverage – is a good one.
But Obamacare as hastily written, without taking the time to properly and completely think it through – i.e. the Affordable Care Act (ACA) - is a convoluted mess. Its many flaws outweigh its benefits.”
In the post I also said –
“The Affordable Care Act as written, like the US Tax Code, should be totally shredded and rewritten from scratch.”
There are good things about Obamacare –
· Financial assistance to reduce out-of-pocket premium costs for individuals who otherwise cannot afford health insurance – currently in the form of the Premium Tax Credit.
· Required acceptance of “pre-existing conditions”.
But there are many bad things, among them –
· Financial penalties for not having coverage or not providing coverage to employees.
· Premium costs based on age (the older you are the more expensive the premiums).
· Requiring individuals to purchase insurance through a state-based federal Marketplace in order to get financial assistance via the Premium Tax Credit. Actually the state-based federal Marketplace in general.
· Requiring the IRS to administer yet another federal social welfare program.
· The NIIT and Medicare surtaxes, and other restrictions and "nickel and dime" taxes and fees.
And, of course, as with anything written by the idiots in Congress, as I said in my post it is a complicated and inequitable mucking fess.
The Republicans have to be careful to actually adequately and properly replace and not just repeal Obamacare in its legislation so those currently covered are not screwed, as Americans too often are by the idiots in Congress.