Bipartisan Bill Emerges as the Only ACA Tax Credit Fix That Saves Taxpayers Money
The Committee for a Responsible Budget estimates Liccardo and Kiley’s Fix It Act will save taxpayers $90 billion in net savings over ten years.
WASHINGTON, DC – A new analysis from the Committee for a Responsible Federal Budget shows that Representatives Sam Liccardo (D-CA) and Kevin Kiley’s (R-CA) bipartisan Fix It Act is the only proposal to extend ACA premium tax credits that would reduce the deficit—saving taxpayers a net $90 billion over the next decade, while constraining the skyrocketing health care premiums for tens of millions of Americans.
The Fix It Act pays for the tax credit extension by cutting tens of billions of dollars that insurers have been generating in windfall compensation from the Medicare Advantage through a practice known as “upcoding,” and by cracking down on fraudulent insurance brokers. The net budgetary savings–which have already been calculated by the nonpartisan Congressional Budget Office– exceed $90 billion over the next decade, while the measure maintains access to affordable health care for tens of millions of Americans.
Just last week, three more lawmakers — including two Republicans — signed on to the Fix It Act, giving it a broad bipartisan coalition.
“We have a plan to help tens of millions of Americans stay on their health care, and our coalition is growing because this is a fiscally responsible solution that lawmakers on both sides of the aisle can support,” said Liccardo. “We appreciate the Committee for a Responsible Federal Budget’s analysis, and we hope it encourages more common-sense colleagues to join us in getting this done.”
“With 22 million Americans facing a massive increase in healthcare costs, doing nothing is not an option,” said Rep. Kiley. “The Committee for a Responsible Federal Budget has confirmed that our bill is the only proposal that saves Congress money while preventing this impending increase in premium payments."
Representatives Bacon (NE-02), Goodlander (NH-02), Ross (NC-02), Nunn (R-IA), Lawler (R-NY), and Khanna (D-CA) have also cosponsored the legislation.
Click here for a fact sheet on the Fix It Act.
