$400 million tax break for insurance executives under GOP Obamacare replacement plan

[canceled.2021.1]

You are the stupid fuck who doesn't understand the issue here, you idiot.

Under the Republican proposal, not only are they doubling the amount of ALL executive salaries as "business expenses", but ALL COMPENSATION, including performance or incentive pay, i.e. bonuses, etc.

As the article states, that routinely runs into tens of millions annually, just for one CEO. Multiply that times multiple executives per company times multiple companies, and it's not hard to see what a huge amount of revenue this POS scheme will cost the Treasury.

And it's all for the benefit of people who are the most highly compensated people in the nation even without this new testament to conservative GREED.

You are wrong

But in any event, what makes you think you have a right to another persons property?

 

[USFREEDOM911]

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 to 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.

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 a health insurer CEO's salary.

Doggett pointed out that the pay of Aetna's (AET) CEO is more than $17 million, and Cigna's (CI) CEO's 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."

Committee member Rep. Brian Higgins, R-NY, said "I don't think this provision is unjustifiable, and I think it's morally reprehensible."

The CEO of UnitedHealth (UNH), 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."

They'll have to pass it first, to see what's in it.

 

[USFREEDOM911]

The RepubliKKKlan party is scum.

So says the Democrat party.

 

[Taichiliberal]

That's a crock, Wack. The issue here is the insane, long disproven ideology of the GOP that the "job creators" need to curb all the wealth to provide good jobs for the general public. They want to apply that to healthcare.

 

[Buckly J. Ewer]

So says the Democrat party.

So says the fucking world...

 

[Althea]

6/1 = half dozen/other.

It's close. The idea was that corps wouldn't be so quick to skim more money from the top if they were going to be taxed on it. I don't know if it worked to keep CEO pay down or not. Medical Loss Ratio also went a long way toward delivering actual care to patients, and is something Republicans cannot wait to do away with.

 

[Althea]

Probably the same thing Democrats said when Obamacare failed them. Nothing. The person they voted for is in office.

Obamacare didn't fail the masses until key funding was removed by House Republicans. Also interesting is this tidbit about Aetna

http://money.cnn.com/2016/08/17/news/economy/aetna-humana-merger/

Some experts thought it strange that Aetna, which had voiced support and optimism about Obamacare earlier this year, suddenly canceled its plans to expand into more states and review its participation in its current markets.
Soon after the Justice Department filed its suit, Anthem also tied its continued participation on the exchanges to its merger.

Aetna was set to expand across the exchanges, until the Justice Dept. halted their merger with Humana. They weren't citing any income issues before they were denied the merger.

 

[PostmodernProphet]

It's close. The idea was that corps wouldn't be so quick to skim more money from the top if they were going to be taxed on it. I don't know if it worked to keep CEO pay down or not. Medical Loss Ratio also went a long way toward delivering actual care to patients, and is something Republicans cannot wait to do away with.

didn't every state already have ratios?.....I know Michigan always had one......ours was 7% for all administrative costs.....I always thought they were part of the problem, because the only way a company could make more money was to pay hospitals and doctors more......

 

[Nomad]

You are wrong

But in any event, what makes you think you have a right to another persons property?

I never claimed such a right.

What makes you think you have the right to reap the tangible and intangible rewards of living in a civilized, humane modern society without helping to pay for the things that keep our society humane and civilized?

Why are wing nuts like you always such greedy, miserly, tight-fisted, ignorant closed-minded bastards?

Is it because a significant percentage of the poor and underclass who need govt assistance are non-white?

 

[Althea]

I never claimed such a right.

What makes you think you have the right to reap the tangible and intangible rewards of living in a civilized, humane modern society without helping to pay for the things that keep our society humane and civilized?

Why are wing nuts like you always such greedy, miserly, tight-fisted, ignorant closed-minded bastards?

Is it because a significant percentage of the poor and underclass who need govt assistance are non-white?

What they say, and what they do are two different animals. Typically, those who rail against govt spending are those who are taking the most.

I have a delusional Republican family member who collected unemployment for 2 1/2 years under the Stimulus package that was passed by Democrats.

The whole while, he denounced 'fucking Liberals', and 'fucking Obama', as he was helping to feed his family solely on Democrat policies.

 

[zappasguitar]

When Obama & pelosi took single payer/universal off the table many were pissed & vocal from what I recall.

But they will roll w/ it, they have no choice......

Correct.

When Obama Care was passed, many were angry it didn't go far ENOUGH.

Obama Care didn't fail Democrats.

It highlighted how Democrats are the only party that really cares about the welfare of the poor and middle class.

 

[Althea]

Correct.

When Obama Care was passed, many were angry it didn't go far ENOUGH.

Obama Care didn't fail Democrats.

It highlighted how Democrats are the only party that really cares about the welfare of the poor and middle class.

It was meant as a foundation. To this day, Republicans refuse to build on it. Why the hell repeal, when all they have to do is add to it?

Why haven't they simply included sales across state lines yet, if they feel that's so important?

Curiously absent? Any mention of TORT reform, which was their ONLY suggestion in '09

 

[Nomad]

What they say, and what they do are two different animals. Typically, those who rail against govt spending are those who are taking the most.

I have a delusional Republican family member who collected unemployment for 2 1/2 years under the Stimulus package that was passed by Democrats.

The whole while, he denounced 'fucking Liberals', and 'fucking Obama', as he was helping to feed his family solely on Democrat policies.

Typical. I had a friend for many years who was exactly the same but for a lot longer than 2½ years. He collected SSDI for decades, had multiple surgeries on the taxpayer's dime and all the while bitched about liberals and taxes.

These people are the most ignorant, two-faced fucks imaginable.

Just confounds the mind of a normal human.

 

[Teflon Don]

It was meant as a foundation. To this day, Republicans refuse to build on it. Why the hell repeal, when all they have to do is add to it?

Why haven't they simply included sales across state lines yet, if they feel that's so important?

Curiously absent? Any mention of TORT reform, which was their ONLY suggestion in '09

This is such an hilarious crock of bullshit. Find me one quote of Obama, Pelosi or Reid saying "this is just a foundation". That is a crock of shit. That is just the tired old lame excuse liberals always use when their policies don't work.

It's either "we didn't fund it enough" (because liberals never tire of spending other peoples money) or "this was just a start"

But, never ever when they are selling something do they say that upfront. But, hey, maybe I am wrong maybe there is an Obama quote that says "this is just a foundation"

And of course there is the lie that the left couldn't get what they wanted because the GOP didn't help. Well, this passed without GOP support, so they obviously could have passed anything they wanted without GOP support. But they didn't.

 

[Teflon Don]

Typical. I had a friend for many years who was exactly the same but for a lot longer than 2½ years. He collected SSDI for decades, had multiple surgeries on the taxpayer's dime and all the while bitched about liberals and taxes.

These people are the most ignorant, two-faced fucks imaginable.

Just confounds the mind of a normal human.

Kinda like liberals who say "I don't mind my taxes going up to pay for the poor" yet turn around and seek out every deduction they can get. If you really want to pay higher taxes, just don't take the deductions that are afforded to you in the tax code. There is no law saying you HAVE to take them. You won't go to jail if you don't. The IRS won't audit you if you don't take your home mortgage deduction.

 

[Sailor]

Kinda like liberals who say "I don't mind my taxes going up to pay for the poor" yet turn around and seek out every deduction they can get. If you really want to pay higher taxes, just don't take the deductions that are afforded to you in the tax code. There is no law saying you HAVE to take them. You won't go to jail if you don't. The IRS won't audit you if you don't take your home mortgage deduction.

One can also write an additional check right to the U.S. government to help pay down the debt. A gift. https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm

 

[SmarterthanYou]

Did I ever claim they don't care about money?

Short answer: NO!

The difference is Democrats don't worship the almighty dollar like Republicans do.

Democrats put their concern for human life ahead of their quest for more money.

this is your idiotic bias spewing bullshit, again. you guzzle the koolaid lies of the democrats as if it's life giving sustenance, then try to tell the world that your elected officials care about you. plain bullshit.

 

[zappasguitar]

It was meant as a foundation. To this day, Republicans refuse to build on it. Why the hell repeal, when all they have to do is add to it?

Why haven't they simply included sales across state lines yet, if they feel that's so important?

Curiously absent? Any mention of TORT reform, which was their ONLY suggestion in '09

EXACTLY!!

It was meant only as a "first step".

 

[Althea]

This is such an hilarious crock of bullshit. Find me one quote of Obama, Pelosi or Reid saying "this is just a foundation". That is a crock of shit. That is just the tired old lame excuse liberals always use when their policies don't work.

It's either "we didn't fund it enough" (because liberals never tire of spending other peoples money) or "this was just a start"

But, never ever when they are selling something do they say that upfront. But, hey, maybe I am wrong maybe there is an Obama quote that says "this is just a foundation"

And of course there is the lie that the left couldn't get what they wanted because the GOP didn't help. Well, this passed without GOP support, so they obviously could have passed anything they wanted without GOP support. But they didn't.

Silly, silly donald. Why do you think POTUS told each state that if they could come up with a better system for their state, they are free to do so?

 

[Althea]

EXACTLY!!

It was meant only as a "first step".

Gotta love these kids who don't do their homework, and rush here to make asses of themselves.

Please note that the law gives power to ongoing efforts by Health and Human Services and other Government programs to reform health care in many cases. So healthcare reform doesn’t start and end with the Act itself. Make sure to check out the official HHS site for more information on healthcare reform outside of the ACA.


http://obamacarefacts.com/affordablecareact-summary/