Elon Musk hits Trump’s big tax bill on x
A few days after leaving the White House, Elon Musk condemned President Trump’s big tax bill on X.
Around 10.9 million Americans lost health insurance coverage under President Donald Trump’s tax cut bill and cleared the House, but are facing tough tests in the Senate, new analysis shows.
The nonpartisan Congressional Budget Office said that around 10.9 million Americans will lose health insurance coverage under the bill, including 1.4 million undocumented residents who will receive compensation through state-funded programs throughout 2034.
The law that cleared the House would require Medicaid nondisabled Americans to work at least 80 hours a month, or require them to be eligible for exemptions such as being a student or caregiver. The bill would also strip the report of immigrants who obtain Medicaid through state-funded programs.
The analysis said the bill would cut federal spending by about $1.3 trillion until 2034. But it would also provide a tax cut of $3.75 trillion, and the federal deficit would increase nearly $2.4 trillion over the next decade.
Health analysts said that changing Medicaid and tweaking to a clear assembly of the Affordable Care Act market will have a greater impact on health insurance coverage.
The CBO estimated that nearly 4 million people would lose health insurance coverage until 2034 if Congress did not extend the tax credits during the Covid-19 pandemic era that made the ACA plan more affordable for consumers.
Trump’s Medicaid overhaul and the more generous ACA tax credit expiration date could put health insurance coverage for nearly 15 million people, said Kathy Hempstead, senior insurance policy officer at Robert Wood Johnson Foundation.
“We’re making a huge U-turn here,” Hempstead said. “With a huge share of the uninsured population, will we really be a prosperous and productive society?”
Hempstead said uninsured people could delay care and create more medical debt. She also said hospitals and doctors will be hit financially as uncompensated care rises.
“It’s going to be a huge hit in the health economy as people stop caring for them and try to get care they can’t pay,” Hempstead said.
