Republicans are trying to get at least $600 billions of federal subsidies to help low-income Americans buy health insurance, according to new estimates from the Congressional Budget Office.
The Senate GOP’s ObamaCare repeal and replace bill would provide $400 billion over the next decade in tax credits and waivers to help people buy insurance on their own and with employers.
The legislation would provide tax credits of up to $1,500 per household for individuals who buy insurance through an exchange, the CBO reported Monday.
The Senate GOP bill also would give states up to an additional $600 million in federal tax credits for low- and moderate-income people who buy health plans through an Exchange.
“We are proposing a tax credit of $1 and a waiver of $600 for families,” Senate Majority Leader Mitch McConnell (R-Ky.) said during the markup of the Senate health care bill.
The bill also includes $400 million in waivers of ObamaCare mandates and tax penalties that would allow employers to offer health insurance to their workers, as well as $300 million to help states lower premiums for people who choose to purchase insurance through their employer.
The bill also provides $400 millions in tax credit payments to insurers for health insurance purchased on the ACA exchange.
The House version of the bill, which passed last month, would provide an additional total of $900 billion in tax benefits for the low- to moderate-earning population and $200 billion in additional tax credits to help families purchase insurance on the individual market.
Democrats on the House side have criticized the House GOP’s tax bill as not offering enough relief to the middle class.