The Truth About Medicare and the Tax Cuts and Jobs Act
The Truth About Medicare and the Tax Cuts and Jobs Act
Both the 2018 Medicare Trustees Report and the
1. CBO found that after TCJA, Medicare solvency improved. The Medicare HI trust fund finances hospital-related services for Medicare beneficiaries. Before TCJA became law, the
2. The Medicare trustees used outdated and unreliable economic projections. The 2018 Medicare trustees report indicates that their new projected insolvency date is three years earlier than they projected in 2017. However, the trustees also admitted their economic projections for 2017 were inaccurate, which is the first reason listed for the new insolvency date. Further, their 2018 projection has not been updated to reflect improving economic conditions after TCJA.
3. TCJA strengthened the major funding source for Medicare HI. Payroll tax collections, which finance both the
4. Seniors are paying less taxes on their
5. "Republican policies" did not increase Medicare spending on hospitals. Obamacare created the
6. Medicare solvency improves when fewer Americans need
7. After TCJA ended the individual mandate tax, the number of uninsured Americans shrank. Obamacare forced Americans to buy government-approved insurance (known as the individual mandate) and enforced this through a tax on uninsured individuals. TCJA ended this unfair tax, which the trustees predicted would increase the number of uninsured and therefore increase Medicare payments to hospitals for uncompensated care. However, since the tax ended the number of uninsured Americans actually fell by 1 million to the lowest percentage in a decade.
Preserving seniors' access to Medicare is a serious issue that deserves bipartisan solutions, not baseless partisan attacks.
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