June 29, 2012
The Affordable Care Act: More than $800 Billion in Tax Cuts
The Affordable Care Act provides individuals, middle-class families, and small businesses with hundreds of billions of dollars in tax cuts to help make health care more affordable. In addition, the law reduces the deficit by more than a trillion dollars in the coming decades. A table showing the full list of tax cuts in the Affordable Care Act is attached.
- Middle class families and small businesses will receive $828 billion in tax cuts over ten years under the health reform law, according to the nonpartisan Congressional Budget Office and the Joint Committee on Taxation. (Source)
- The law yields a net tax decrease of $588 billion for middle-class families (individuals making under $200k/married couples under $250k annually). (Source and Source)
- Besides providing families and small businesses with billions of dollars in tax cuts, the Affordable Care Act reduces America’s deficit. The law reduces the deficit by $143 billion dollars in the first decade, and by more than a trillion dollars in the following decade. (Source)
- The personal responsibility requirement in the law protects American families from being forced to pay a $1,000 hidden tax in extra premiums each year due to people who can afford insurance choosing to forgo it, forcing the rest of us to pick up the bill.