Spencer Accounting Group, LLC - Tax Planning and Preparation Services - West Allis, Milwaukee, Brookfield, Waukesha, United States and Saudi Arabia
  • Home
  • Pricing
    • Rush & Cancellation Policy
  • Let's Chat
  • Home
  • Pricing
    • Rush & Cancellation Policy
  • Let's Chat

FREE Tax Tips and Updates

Browse our blog for helpful tax planning and preparation information.

Trump Care

5/4/2017

0 Comments

 
​Another Healthcare Bill has been rushed to the floor. Once again Congress is putting their efforts towards repealing the Affordable Healthcare Act. I believe this is their 3rd revision. The one played out inf ront of the American people and 2 additional amendments thereafter. Will this bill pass? Who benefits the most? What are these amendments?



Picture
Let's Examine this!

Pre-Existing Conditions - We are heading back to the Pre Affordable Healthcare Act era. Insurers will go bac to going over individual's prior medical conditions with a fine tooth comb and deem them uninsurable if they foresee that individual will have high claims at any point. In the past this was at the insurer's discretion and I am sure they have silly discretionary rules banning common conditions like acne.

Rich Tax-Cut -The Real Reason for the persistent and urgency for the Repeal of Affordable Healthcare Act. If you make at least $200k - $250k married- single respectively, then these cuts are for you, and will happen immediately! An estimated of over $300billion over the next 10 years.
​
Medicare- T
he GOP appears to be comfortable with cutting Medicare by $800 million dollars. This will reduced the current expansion Coverage from the 10 million low income American to zero in the ne t 3 years. The solution they have proposed has a trickled down effect. They will change Medicare into a grant program that reduces funding to State Governments forcing States to reduce their budgets and de-enroll individuals.
​

Defunding Planned Parenthood- Well this is tricky as the they have a rewable yearly provision. They will take away funding for one year starting off, then vote on renewing that provision yearly. With the current control of congress we can almost guarantee that this will continue to be renewed. Another reminder that voting for ALL elections is valuable!
Based on the above it is clear who benefits here, the protected class. The Rich and Well off. How do we make our Government accountable for our Country's low-income communities? The Affordable Healthcare Act, at least guaranteed that ALL Americans receive Healthcare and if they couldn't afford then help is here from your Government.

Try Xero for free
Here is one thing is for certain that the Affordable Healthcare Act is the current Law and althougth there were and Executive Order signed by Trump that the IRS doesn't have to presue those who don't have coverage, doesn't mean they can't and that they won't.  An Executive order does not supersede the law.  There has to be an Act of Congress to overturn the law, which is why this is so Important to them now.  If the IRS does come after you for noncompliance you can not use the defense of the Executive order.  Remain in compliance until the bill passes into law and is funded, Right now it is just sitting on Captial Hill.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    We're Here to Help

    Get advice from our experienced network of financial managers. 
    ​

    If you Value our Blog, We have an ask.

    We spend hours researching data to help you understand your finances and taxes, including historical context, issues, and solutions. Our goal is to empower people to improve  their relationship with money. ​Please consider a $3 donation today.

    Tax Plan Video

    Important Disclosures


    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

    ​
    To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
    ​
    These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

    GET STARTED

    Author

    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

    RSS Feed

    Accounting Services
    Tax Preparation
    Picture
    Picture
Home
Net30 Account Info
Privacy Policy
Contact Us

Picture
Picture
Picture
Copyright 2021 ALL RIGHTS RESERVED.
Photo used under Creative Commons from verchmarco