The Senate is expected to vote Friday on the $1.9 trillion coronavirus relief bill championed by President Biden. Dubbed the “American Rescue Plan,” it would focus on rescuing the wealthy and insurance companies — courtesy of ordinary taxpayers.
The bill would extend subsidies through Obamacare’s insurance exchanges to anyone who wants them — and make subsidies more generous for people who already receive them. No one would have to pay more than 8.5% of income toward their premiums. At present, only those with incomes below 400% of the poverty level can receive taxpayer-funded insurance coverage. And the maximum someone who receives subsidies can pay in premiums is 9.83% of income.
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