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As I mentioned in my last Inside Baseball post, the Republicans played some truly sleazy games in order to pass the tax cuts in the abomination that they called the OBBBA (I refuse to call it by it’s official sycophantic name).
They basically said the extension of expiring tax cuts doesn’t contribute to the deficit/debt because its just an extension of the way things already are, even though 9 years ealrier they voted to sunset these same tax cuts because they would not have been allowed under 51-vote reconciliation because they…INCREASED THE DEFICIT/DEBT.
To repeat, in their Orwellian world, tax cuts that they voted to end after 9 years because they increased the debt/deficit do not continue to increase the debt/deficit in future years if they are extended when ending them would have reduced the debt/deficit in future years.
OK - writing that last paragraph actually hurt my brain.
But their hypocrisy is even worse than we thought. You see, in addition to the 2017 Trump Tax Cuts, another law provision that was due to expire in 2025 is the Premium Tax Credits in the Affordable Care Act. The credits reduce the premiums that lower income (and only lower income) people have to pay to get health insurance through the ACA marketplace. Here’s how the Center on Budget and Policy Priorities laid it out (emphasis mine where added):
Another element of House Republicans’ health agenda targets the ACA marketplaces, which provide coverage and financial assistance to more than 22 million people.[21] The marketplaces, which started in 2014, are a critical source of coverage for those who lack health benefits at their jobs, such as self-employed people, low-paid workers, and older people not yet eligible for Medicare.[22]
CBO estimated 4.2 million people will be uninsured in 2034[23] because Republicans so far have not extended enhanced premium tax credits (PTC) that are set to expire at the end of 2025. In addition, this decision will mean nearly everyone who remains in the marketplaces will have to pay higher premiums, and some will be quite large.
For example, the typical family of four with income of $65,000 will pay $2,400 more per year to keep their marketplace coverage without the PTC enhancements.[24] Some Republicans argue they shouldn’t be blamed for the 4.2 million people projected to lose coverage due to the PTCs’ expiration. But they chose to extend all of the expiring 2017 tax cuts — and even expand provisions that benefit the wealthiest people in the country — yet chose not to extend the enhanced PTCs for people who need help affording coverage. For many moderate- and middle-income families, the expiration of the PTCs will cost them far more than they gain under the extension of the 2017 tax cuts.
i are two typical Republican attitudes on why they did not extend the Premium Tax Credits:
Rep. Andy Harris, R-Md., the chair of the hard-right House Freedom Caucus, said he “absolutely” wants that funding to end. “It’ll cost hundreds of billions of dollars. Can’t afford it,” he said. “That was a Covid-era policy. Newsflash to America: Covid is over.”
“The extension is very expensive, so we got to look at what the options are. But it’s an expensive proposition,” said Sen. Steve Daines, R-Mont.
So…..
Extending a tax cut that will increase the debt by trillions over time is ok, but not extending tax credits cost much less up front and that will pay for themselves over time is too expensive.
Your hypocritical Republican Party using inside baseball tactics and hoping you never find out. As I said when I was running for office, “They say one thing, do another and hope youre not paying attention.”
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