Good morning from Brooklyn.
We are here to celebrate Anne’s birthday with kids and grandkids. So not even Donald Trump can put me in a bad mood.
Episode #6 of the podcast of Hitting Left with the Klonsky Brothers is in the can. It is an hour-long convo with tenth ward Alderwoman Susan Sadlowski Garza and I think it is good one. You can subscribe to our weekly show at Liberated Syndication or iTunes.
One of my trolls wrote this morning to comment on our show saying nobody cares. He must care, since he writes me daily. And the number of subscribers is growing every show.
Let’s talk about TrumpCare, the dismantling and replacement of the Affordable Care Act and its potential impact on seniors.
The New York Times’ Paul Krugman wrote in Friday’s paper, “Affluent young people might end up saving some money as a result of these changes. But the effect on those who are older and less affluent would be devastating. AARP has done the math: a 55-year-old making $25,000 a year would end up paying $3,600 a year more for coverage; that rises to $8,400 for a 64-year-old making $15,000 a year. And that’s before the death spiral.”
What is the “death spiral”?
Soaring premiums and collapsing coverage.
TrumpCare would allow insurers to charge older customers up to five times as much as younger customers.
The costs could be even higher for older people in blue state regions, where the cost of living is higher. The new legislation would give a flat amount for subsidies to buy coverage based on age, as opposed to their income, and the cost of insurance in their area, as with Obamacare.
Two of the biggest tax cuts in Republican proposals to repeal the Affordable Care Act would deliver roughly $157 billion over the coming decade to those with incomes of $1 million or more, according to a congressional analysis.
The assessment was made by the Joint Committee on Taxation, a nonpartisan panel that provides research on tax issues.
It is not unusual for tax cuts to benefit mostly the wealthiest, but still save some money for a majority of Americans. But the benefits of these reductions would be aimed squarely at the top.
The provisions would repeal two tax increases on high earners enacted in 2010 to help pay for the Affordable Care Act: an increase in capital gains taxes and other investment-related income, and a surcharge on Medicare taxes.
People making $200,000 to $999,999 a year would also get sizable tax cuts. In total, the two provisions would cut taxes by about $274 billion during the coming decade, virtually all of it for people making at least $200,000, according to a separate assessment by the committee.
“Repeal-and-replace is a gigantic transfer of wealth from the lowest-income Americans to the highest-income Americas,” said Edward D. Kleinbard, a professor at the University of Southern California law school and former chief of staff for the Joint Committee on Taxation.
TrumpCare is another feed the rich and eat the elderly, women and the poor by Trump and the GOP Congress.