According to the Congressional Budget Office (CBO), the new Senate GOP tax plan would increase the federal deficit by $1.4 trillion over the next 10 years.
The projected deficit includes the Jobs Act, and the removal of the individual mandate inside the Affordable Care Act. However, insurance markets for non-group plans will remain stable throughout most areas in the United States. Over the next 10 years, premiums could increase by 10 percent. According to the CBO reports, the number of insured Americans would drop by four million in 2019 and 13 million in 2027.
Republican Senators Jeff Flake, Ron Johnson, and James Lankford have spoken out against the bill.
President Donald J. Trump will meet with GOP senators, on Nov. 28, 2017, to discuss the tax plan.
Written by Jeanette Smith
CNN: CBO: Senate tax plan would increase deficit by $1.4T over 10 years