Did Trump’s Tax Cut Bill Repeal Obamacare?

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The Tax Cuts and Jobs Act repealed the individual mandate portion of the Affordable Care Act that requires people who reject the insurance to pay a penalty of $695 or 2.5% of their income, whichever was larger. That will represent a substantial tax cut for those with incomes under $50,000. However, Obamacare is still in effect and requires employers with businesses with 50 or more full-time employees to pay for their full-time employees health insurance, regardless of the cost. This is forcing many employers to reduce the number of full-time employees or go out of business altogether. -GEG

After the Republican Tax Cuts and Jobs Act repealed Obamacare’s individual mandate, many still wonder whether Republicans can repeal Obamacare in 2018.

Here’s what’s next for Obamacare in 2018.

The Tax Cuts and Jobs Act repealed the Affordable Care Act’s individual mandate. Obamacare mandated that Americans who forgo health insurance would have to pay $695 or 2.5 percent of their income, whichever is larger. The Internal Revenue Service (IRS) found that 80 percent of those who pay the Obamacare mandate fine make less than $50,000 a year, making the mandate’s repeal a huge middle-class tax cut.

Even though Republicans repealed the individual mandate, much of the Affordable Care Act remains intact. Obamacare still requires employers with businesses with more than 50 or more full-time employees still have to provide their full-time employees health insurance, regardless of the cost to the business.

 The Affordable Care Act also expanded Medicaid to virtually every American under age 65 with incomes up to 138 percent above the federal poverty level. The federal government funded 100 percent of each states’ Medicaid population from 2014 to 2016. However, the federal government will wind down the federal contribution percentage to 90 percent by 2020 and beyond, adding a significant financial burden to state governments.

The Republican Tax Cuts and Jobs Act repealed Obamacare’s individual mandate, effective in 2019. On Thanksgiving, President Donald Trump promised to return to Obamacare repeal after passing historic tax reform legislation.

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Rocky
Rocky
2 years ago

No. Not entirely but it put a huge dent in ObamaCare.