Six months after Sen. Dean Heller told Nevadans they had nothing to worry about when it came to Medicare after the passage of the GOP tax bill, a new report issued by Trump Administration officials this week finds that policy changes due to the Republican-passed tax law are jeopardizing Medicare. The report in part blames the new Republican tax law for the decline in revenue weakening the financial underpinnings of the Medicare program.
The financial future of the part of Medicare that pays older Americans’ hospital bills has deteriorated significantly, according to an annual government report that forecasts that the trust fund will be depleted by 2026 — three years sooner than expected a year ago.
The report, issued Tuesday by a quartet of Trump administration officials who are trustees for Medicare and Social Security, reveals that policy changes ushered in by the president and the Republican Congress are weakening the financial underpinnings of the already fragile insurance program.
According to the report, less money will be flowing into the hospital-care trust fund in part because the tax law passed this year will cause the government to collect less in income taxes. In addition, lower wages last year will translate into lower payroll taxes.
Nevada State Democratic Party spokesperson Sarah Abel released the following statement:
“Sen. Heller’s irresponsible tax bill isn’t just spiking health care premiums and exploding the national debt, it’s also jeopardizing the future of Medicare for Nevada’s seniors. Dean Heller and his Republican buddies in Congress were so focused on giving out tax breaks to their ultra-wealthy donors that they jeopardized the future of Medicare, and those out-of-touch priorities will be on the ballot in this race in November.”