CAPAC Chair Meng Applauds House Passage of Affordable Care Act Tax Credits Extension

WASHINGTON, D.C. — Today, Rep. Grace Meng (NY-06), Chair of the Congressional Asian Pacific American Caucus (CAPAC), applauded the House passage of a Democrat-led bill to extend the Affordable Care Act tax credits for three years. The legislation was taken up after 218 Members of Congress—including every single House Democrat and four House Republicans—signed onto a discharge petition, forcing a vote on the House floor. The bill will now head to the Senate for consideration.

“President Trump and Republicans have created a health care crisis, forcing millions of hardworking Americans to pay double, triple, or even quadruple more for health care premiums as they allowed the Affordable Care Act (ACA) tax credits to expire,” said CAPAC Chair Meng. “However, thanks to the efforts of House Democrats and a few Republicans, we have advanced legislation that would restore the ACA tax credits that help people afford health insurance, including the 1.5 million Asian Americans, Native Hawaiians, and Pacific Islanders who receive coverage through the ACA. The Senate must take up this bill immediately to reverse these outrageous premium hikes and deliver relief to working families across the country.”

As of January 1st, Affordable Care Act tax credits, which saved hardworking families thousands of dollars, expired due to inaction by the Republican-led Congress. Nearly 22 million Americans—over 90% of Marketplace enrollees—are now experiencing health care premium hikes because Trump and Republicans cut health care for working people to fund tax breaks for billionaires.

The Republican-manufactured health care crisis is dire. On average, people who use these tax credits are seeing their annual health care costs more than double without them—114% or an average of $1,106. 15 million Americans are projected to lose coverage in the coming years because of these price increases. Nearly 6 in 10 Marketplace enrollees say they would not be able to afford an annual increase of $300 in health care expenses without significantly disrupting their household finances.

Projected price increases: 

• A typical 60-year-old couple making $85,000 will see monthly Marketplace premiums jump from $602 to $2,647 — an annual increase of roughly $24,500.
• A typical family of four making $130,000 will see their monthly Marketplace premium go from $921 to $1,992 — an annual increase of about $12,900.
• A family of four making $66,000 will see their monthly Marketplace premium rise from $121 to $373 — an annual increase of about $3,025.
• A couple making $44,000 will see their monthly Marketplace premium rise from $85 to $253 — an annual increase of $2,013.
• A single individual making $32,000 will see their monthly Marketplace premium rise from $58 to $180 — an annual increase of $1,468. 

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