President Donald Trump’s proposed healthcare law is “Robin Hood in reverse”, House Minority Leader Nancy Pelosi has said – claiming it is similar to the Republicans’ bill for tax reform, which the House of Representatives is expected to tackle next.
The lower chamber of Congress narrowly passed Mr Trump’s bill to repeal and replace Obamacare – legislation that Ms Pelosi said steals $600bn from working families and gives it to the rich.
“That is the goal of their tax bill, and they need this money from your healthcare in order to do that,” Ms Pelosi said.
Ms Pelosi is referring to how the Republican bill, officially known as the American Health Care Act, contains about $600bn in Obamacare tax cuts, according to the Joint Committee on Taxation. This means that there will be less money available to finance any health insurance coverage provisions in the bill.
To finance the Affordable Care Act, the Obama administration increased taxes for families with incomes greater than $250,000 a year. It also introduced taxes on health insurers, pharmaceutical companies, and medical device manufacturers. The AHCA eliminates those taxes.
Ms Pelosi said that the Republicans were at the White House “having a beer party to celebrate one of the biggest transfers of wealth from working families to the richest people in our country.”
Donald Trump's first 100 days: in cartoons
Donald Trump's first 100 days: in cartoons
Donald Trump's first 100 days in office were marred by a string of scandals, many of which caught the eye of the Independent's cartoonists
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In the Rose Garden, after contending that Obamacare was “essentially dead”, Mr Trump said they were going to get healthcare finished, “and then we’re going – as you know we put our tax plan in, it’s a massive tax cut, the biggest tax cut in the history of our country.”
“I used to say the biggest since Ronald Reagan,” Mr Trump added. “Now, it’s bigger than that. Also, pure tax reform. So we’re going to get that done next.”
Mr Trump last month introduced a plan to cut the income tax rate for America's top earners by close to five per cent.
According to the White House, the proposal would also reduce the number of US tax brackets from seven to three; double the standard deduction Americans are able to claim on their tax returns; and includes a “massive tax cut” for businesses, with rates being slashed to 15 per cent.
The conservative-leaning Tax Foundation estimates the bracket reduction and business tax cut alone would cost the Treasury up to $6 trillion over the next 10 years.
Vice President Mike Pence has admitted that the administration’s tax overhaul would initially increase the US budget deficit.Reuse content