New Report: Expiration of ACA Tax Credits Will Have Disastrous Effects on Virginia
Warner and Kaine continue to push for extension of tax credits and end to shutdown
WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) underscored the urgent need to extend the enhanced premium tax credits under the Affordable Care Act (ACA) after a new analysis from the Commonwealth Fund showed that the expiration of these tax credits will have disastrous effects on Virginia:
“Americans don’t want higher health care costs, but if Republicans refuse to join Democrats in extending critical Affordable Care Act tax credits, that’s exactly what they’ll get. This latest analysis is further evidence that the expiration of these tax credits will force people off their health insurance, including many small business owners and employees, and hurt our economy. It’s time for Republicans to acknowledge what many of them have admitted in public and private—that we need to find a path forward to protect Americans’ health care and reopen the government.”
The enhanced premium tax credits expire at the end of the year, and Republicans have refused to extend them to prevent health care costs from skyrocketing and keep millions of Americans from losing their health insurance. Democrats have asked Republicans for months to address the expiration of the ACA tax credits, and have proposed legislation to extend them and reopen the government. However, Republicans have blocked the bill’s passage.
The Commonwealth Fund’s analysis shows not extending the tax credits will lead to:
- 94,000 Virginians unenrolled in health insurance through the ACA marketplace.
- 50,000 Virginians uninsured.
- $295 million lost in federal funding.
- $434 million lost in state Gross Domestic Product (GDP).
- 3,400 jobs lost.
- $31 million lost in state and local tax revenue.
With the government shut down, Warner and Kaine continue to push to reopen the government and protect Americans’ health care. Earlier this month, the senators sounded the alarm about the rise in monthly health care costs for Virginians under the ACA. The effort to prevent health care premiums from skyrocketing comes just months after President Donald Trump and congressional Republicans slashed Medicaid to offset the cost of billionaire tax cuts in the Republican budget law.
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