Monday, July 13, 2015

Unbelievable! Congress Can't Find $30 Billion for Medical Device Excise Tax Repeal!

Congress may be on the verge of repealing Obamacare’s medical device excise tax. I am all for repealing it, which will reduce funding for Obamacare by $24 billion over ten years. Of course, that means it will increase the deficit by $24 billion, which means Congress has to offset repeal by cutting spending by the same amount.

Can’t be done, says Senator Orrin Hatch, Chairman of the Senate Finance Committee: “It’s pretty hard to come up with a $30 billion offset,” (as reported by the Wall Street Journal’s Isaac Stanley-Becker). I am not sure how Senator Hatch rounded the figure up to $30 billion, but that does not really matter. It should be as hard to find $24 billion or $30 billion of spending offsets as it is to find a cup of coffee at Starbucks.

Read the entire column at Forbes.

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