ICYMI: Millions of Americans at Risk of Losing Health Insurance

A fair tax system could help protect the Affordable Care Act

The health and financial security of millions of Americans are in jeopardy, as critical tax credits that lower the cost of monthly health insurance premiums for plans purchased through the Affordable Care Act (ACA) marketplace are set to expire by the end of 2025. 

According to a recent article by The New York Times, these tax credits, which help nearly 20 million people afford insurance, are at risk because Congress has yet to pass legislation to extend them. Since 2021, ACA premium tax credits have nearly doubled enrollment in the ACA marketplace. The Congressional Budget Office estimates that 3.4 million Americans will lose insurance coverage if the ACA premium tax credits expire next year because their monthly premiums will increase so dramatically without them. 

Congress has an opportunity to extend these tax credits by making corporations and the ultra-wealthy pay their fair share in taxes with the expiration of the 2017 GOP Tax Law. With new revenue from a fair tax code, we can invest in programs that lower costs and support the working class—like ACA premium tax credits. 

Matt Sinovic, Executive Director of Progress Iowa, released the following statement in response:

“The ACA has been a lifeline for millions of Americans, yet its future remains uncertain because our tax system is broken. Wealthy individuals and corporations evade billions in taxes each year, while everyday people struggle with rising health care costs. Members of Congress, like Congressman Zach Nunn, should fight to extend these ACA premium tax credits and support a tax system where corporations and the ultra-wealthy pay their fair share.”

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