Emanuel: Millions of People Will Lose Coverage Under GOP Plans to Replace ObamaCare

‘In addition, Representative Price’s proposal will give tax credits to people like Bill Gates, Warren Buffett, Elon Musk to buy insurance; That makes no economic sense’

EMANUEL: "Well, say you're 35 years old. Mr. Price's suggestion is you get a $1,200 tax credit. And let me tell you what your health insurance bill is likely to be. Likely to be between $4,000 and $5,000. At 35 years of age, that means you're going to spend $2,800 to $3,800 of your own money for insurance. In addition, Representative Price's proposal will give tax credits to people like Bill Gates, Warren Buffett, Elon Musk to buy insurance. That makes no economic sense. And finally, his tax credits are not linked to how much you earn. So, poorer people get the same tax credit as people who make, say, $100,000, $150,000. That also doesn't make sense, because they have a less ability to buy insurance. One of the consequences is that independent analyses of these kinds of proposals like Representative Price's have suggested somewhere around 9, 12, 15 million people will lose coverage compared to ObamaCare. That is a huge number. These tax credits, they are the -- ObamaCare has tax credits, too, in them. That's part of the subsidies that they get for buying insurance on the exchanges. And the Obama tax credits are more generous than Representative Price's. So, if you like Representative Price's, you should like the subsidies under ObamaCare even more." 

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