WASHINGTON (AP) – Senate Republicans’ new health bill cuts taxes by nearly $1 trillion over the next decade, mostly for corporations and the richest families in America.
It uses a budget gimmick to comply with Senate rules against adding to the federal government’s long-term debt.
The bill would delay a new “Cadillac” tax on high-cost health insurance plans until 2026. Congress has already delayed the unpopular tax until 2020, making it unlikely lawmakers will ever let it take effect.
Senate Republican leaders unveiled a draft of their bill to repeal and replace President Barack Obama’s health care law on Thursday.
They argue it would eliminate job-killing taxes enacted under Obama’s law. Democrats say the bill is a giveaway to the rich at the expense of others who will lose health insurance.