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holfresh
Posts: 38679 Alba Posts: 0 Joined: 1/14/2006 Member: #1081 |
![]() Outrage over $400 million tax break for health insurance executives under GOP Obamacare replacement plan
http://www.cnbc.com/2017/03/08/400-million-dollar-tax-break-for-insurance-execs-sparks-outrage.html Rep. Sander Levin, D-Mich., said that the tax break related to executive pay underscores the fact that the Republican replacement bill is "the beginning of a huge giveaway to the very, very wealthy," and the end of insurance coverage for millions of lower-income people. "We're starting off ... with essentially a giveaway to insurance executives," Levin said. The proposed tax break, buried in cryptic language in the Republican plan, would allow health insurers to more fully deduct the value of their executives' compensation on their taxes. That compensation can be as high as tens of millions of dollars, in the case of CEOs of insurers. Those deductions currently are sharply limited by the Affordable Care Act, which caps at a maximum of $500,000 the amount of an individual executive's compensation that an insurer could deduct as a business expense. The cap applies to any executive, not just to CEOs. Speaker of the House Paul Ryan (R-WI) signs legislation to repeal the Affordable Care Act, also known as Obamacare, and to cut off federal funding of Planned Parenthood during an enrollment ceremony in the Rayburn Room at the U.S. Capitol January 7, 2016 in Washington, DC. Thomas Barthold, chief of staff for the Joint Committee on Taxation, revealed the $400 million lost tax revenue estimate during the first day of review of the Obamacare replacement bill by the House Ways and Means Committee. Barthold said that would be the total amount lost through 2026 if the bill became law this year. If the bill is passed, Barthold said health insurers would be able to deduct up to $1 million of an individual executive's salary on their taxes, just like other types of U.S. companies. But Rep. Lloyd Doggett, D-Texas, noted that the $1 million deduction cap only is on salary. Executive compensation that includes "performance pay" can, and routinely does, significantly exceed the amount of the salary for a CEO of a health insurer. Doggett pointed out that the pay of Aetna's CEO is more than $17 million, and Cigna's chief executive tops $13 million. Most, if not all of their pay, could be written off as business expenses if the Republican bill becomes law. "It could be $100 million, and it would still be possible" to deduct the full CEO compensation?Doggett asked. Barthold answered, "It would be possible." The CEO of UnitedHealth, Higgins pointed out, alone made $66 million last year. "We're sitting here talking about giving big insurance companies a tax break on the exorbitant compensation to pay their executives?" Higgins said. "We should repeal this provision and replace it with an admonishment to the insurance companies to get your salaries in line with reality." That provision, however, represents just a small fraction of the approximately $600 billion in revenue it is estimated the government would lose if the GOP Obamacare replacement plan was implemented. Much of those costs would come from the repeal of ACA-related taxes, which disproportionately affect wealthier Americans. "So, essentially, what we have here to kick off ... is a beginning of a huge giveaway to the very, very wealthy, a huge giveaway, and the silence from the other side I would think indicates deep embarrassment, if possible," Levin said, referring to Republicans on the committee. "Six hundred billion, with the vast majority going to wealthy families. That describes so vividly the mistake with this bill, and will emphasize those who are going to lose their benefits and their insurance coverage, millions and millions, while billions are going to the very few," Levin said. "That's really what this all about." |
holfresh
Posts: 38679 Alba Posts: 0 Joined: 1/14/2006 Member: #1081 |
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gr33d
Posts: 20788 Alba Posts: 0 Joined: 2/19/2006 Member: #1097 USA |
![]() martin wrote:martin wrote:meloanyk wrote: Coincidence? "If you ain't first, you're last" - Ricky Bobby
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Cartman718
Posts: 29068 Alba Posts: 0 Joined: 10/12/2007 Member: #1694 |
![]() gr33d wrote:martin wrote:martin wrote:meloanyk wrote: no. not a coincidence. Nixluva is posting triangle screen grabs, even when nobody asks - Fishmike. LOL
So are we going to reference that thread like the bible now? "The thread of Wroten Page 14 post 9" - EnySpree
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martin
Posts: 76214 Alba Posts: 108 Joined: 7/24/2001 Member: #2 USA |
![]() ![]() Official sponsor of the PURE KNICKS LOVE Program
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martin
Posts: 76214 Alba Posts: 108 Joined: 7/24/2001 Member: #2 USA |
![]() Jesus, what the hell is wrong with these people:
http://www.salon.com/2017/03/09/mike-flynn-trumps-former-national-security-adviser-lobbied-for-turkey-during-campaign/ Official sponsor of the PURE KNICKS LOVE Program
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nixluva
Posts: 56258 Alba Posts: 0 Joined: 10/5/2004 Member: #758 USA |
![]() martin wrote:America wanted changed and we need it, our nation is crumbling. Buttress this with the fact that a large majority of the members of our Congress and Senate are in it for themselves and are protected by Gerrymandering and so get elected over and over and over despite the fact that they continue to be overtly inept, corrupt, self-serving or just stupid. How does someone like Santorum get elected? Michele Bachmann? How does James Inhofe keep getting re-elected? How about Jeff Sessions? I missed this one. Great post Martin. Sums it up perfectly. The Republicans are great at messaging things that are bad for the average American. Things like "Right to Work"! It sounds so positive but then you dig down and realize they stripped all the worker rights by killing off Unions. Corporate Profits have been at all time highs but you'd think they were struggling based on Republican talking points. They LOVE talking about Corporate Taxes being the highest in the world but never explain how many loopholes there are that make the Tax laws a joke. The Republicans are better at selling lies than the Dems are at selling helpful policies!!! The Republicans are also MUCH dirtier fighters. They don't flinch at Voter Suppression or using Racist Fear Mongering to win votes. |
holfresh
Posts: 38679 Alba Posts: 0 Joined: 1/14/2006 Member: #1081 |
![]() martin wrote:Jesus, what the hell is wrong with these people:http://www.salon.com/2017/03/09/mike-flynn-trumps-former-national-security-adviser-lobbied-for-turkey-during-campaign/ These are the people who were supposed to "drain the swamp".. |
gr33d
Posts: 20788 Alba Posts: 0 Joined: 2/19/2006 Member: #1097 USA |
![]() Cartman718 wrote:gr33d wrote:martin wrote:martin wrote:meloanyk wrote: This story is 4 years old and cites data back from 2011. While the reported downward trend has to be considered positive, this does little to disprove Trumps impact. "If you ain't first, you're last" - Ricky Bobby
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gr33d
Posts: 20788 Alba Posts: 0 Joined: 2/19/2006 Member: #1097 USA |
![]() martin wrote: The graph posted here, is a clear indicator... Look at the spike, where illegals (and most the country) assumed Hillary would win. They were flocking here, figuring it would be more of the same free ride. And the sharp decline, once Trump was elected. What is this administrations impact you ask? I think you know the answer. "If you ain't first, you're last" - Ricky Bobby
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