Of course, this should come as no surprise, but the Repube rollout of their Repeal and Replace gem includes a rollback on limits to the compensation for insurance company execs. that is tax deductible for said corporate entities. But I admit, I am a rube on some things and I didn’t even realize that corporations can and routinely have been legally allowed to deduct significant portions of their executive compensation packages from their tax liabilities. So not only do we need “Single Payer Not For Profit Universal Health Care” in this country we also need a complete overhaul of the tax code along with pretty much all corporate charter law. Enough with the sanctioning of robbery and tax evasion…
“Here’s the secret payoff to health insurance CEOs buried in the GOP Obamacare repeal bill” is a column in the LA Times by Michael Hitslik
The Key quotes:
The bill encourages health insurance companies to pay their top executives more.
It does so by removing the ACA’s limit on corporate tax deductions for executive pay. The cost to the American taxpayer of eliminating this provision: well in excess of $70 million a year. In the reckoning of the Institute for Policy Studies, a think tank that analyzed the limitation in 2014, that would have been enough that year to buy dental insurance under the ACA for 262,000 Americans, or pay the silver plan deductibles for 28,000.
The House Republican bill repeals the compensation limit as of the end of this year. The GOP hasn’t exactly trumpeted this provision; it’s six lines on page 67 of the measure, labeled “Remuneration from Certain Insurers” and referring only to the obscure IRS code section imposing the limit. Repeal of the provision apparently means that the insurers will be able to deduct $1 million in cash per executive, plus the cost of “performance-based” stock awards and options, like other corporations.
Gee, It’s almost like the rich folk and their corporate legal teams wrote the laws themselves for their own benefit.