Open Enrollment for ACA Coincides with 2017 Tax Law Anniversary
As Open Enrollment for the Affordable Care Act Begins, Affordable Virginia Calls Attention to Harmful Impact of 2017 Tax Law on the Anniversary of its Introduction
The 2017 Tax Law Anniversary Coincides with Affordable Care Act Enrollment, Underscoring the Contrast Between Policies that Benefit the Ultra-Wealthy Over Working Families.
Virginia Beach, VA – On the anniversary of the 2017 Tax Law being introduced in Congress on the House floor, Affordable Virginia highlights the devastating impact this law has had on hardworking families while disproportionately benefiting the ultra-wealthy and corporations.
“The 2017 Tax Law was sold to the public as a win for the middle class, especially small businesses, but has only empowered the ultra-wealthy and giant corporations to pocket their profits, further disenfranchising our middle class,” said Emily Yeatts, Campaigns Director for Affordable Virginia. “Corporations have seen their tax rate decrease by 14% while families making $50,000 received little relief, if any. As we approach 2025, we should prioritize policies that strengthen working families like extending the expiring ACA tax credits for the 400,000 Virginians who rely on the ACA instead of more tax breaks for the wealthy.”
Since being passed by Republicans in Congress, the 2017 Tax Law has benefitted the ultra-wealthy and corporations at the expense of middle-class families. Many of its provisions are set to expire in 2025. Here’s the impact:
It gave massive tax giveaways to the wealthiest individuals and largest corporations, slashing the corporate tax rate from 35% to 21%.
In 2020, the richest 1% of Virginians enjoyed an average tax cut of over $55,000, giving them in total more than $2.3 billion dollars in tax cuts and 28% of the total benefit from the 2017 Tax Law.
By 2025, if Congress extends the expiring provisions, it could add another $4.5 trillion to the deficit, putting critical investments in healthcare, education, and housing at risk.
More than 27 million households across the U.S. saw no benefit at all from the 2017 Tax Law, and millions of families ended up paying more.
Since its passage, the Affordable Care Act has provided affordable healthcare and protections to millions of Americans. Here’s the impact:
Protections for over 1,300,000 Virginians with pre-existing conditions.
Quality, affordable coverage for over 400,058 Virginians who signed up for an ACA plan for 2024.
More than 59,000 Virginia adult children are able to stay on their parents’ insurance.
Medicaid expansion, which covers 739,411 people in Virginia.