The AGS expresses concern on eve of a House vote on a tax reform bill, which could impact care for us all as we age.
New York (Nov. 16, 2017)—Earlier this week, the Congressional Budget Office (CBO) advised members of Congress that the U.S. House of Representative’s tax reform bill (the “Tax Cuts and Jobs Act,” or H.R. 1) would result in automatic cuts to key federal programs, including a $25 billion cut to the Medicare program in 2018 as a result of existing Congressional “pay-go” rules. Pay-go rules require the Office of Management and Budget (OMB) to make automatic cuts to mandatory spending when the deficit hits a certain level. With 55 million people already relying on Medicare for their well-being, the American Geriatrics Society (AGS) opposes any legislative proposal that would reduce access to Medicare for us all as we age.
While debate continues in the House, the U.S. Senate is also working on its own version of a tax reform bill (also known as the “Tax Cuts and Jobs Act,” as is H.R. 1 in the House of Representatives). Both the House and Senate proposals are projected to add $1.5 trillion to the deficit over 10 years—and, under pay-go rules, the proposed deficit spending would trigger automatic cuts of $136 billion from mandatory spending programs in 2018.