Baldwin, Shaheen Lead Bill to Make Affordable Care Act Premium Tax Breaks Permanent, Lowering Costs for Millions of Americans

WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) and Jeanne Shaheen (D-NH) introduced the Health Care Affordability Act—legislation to make permanent the Affordable Care Act’s (ACA) enhanced premium tax credits (PTCs) for millions of Americans who use the Health Insurance Marketplace for coverage. The enhanced PTCs, which have made health care more affordable and accessible for millions of Americans, are currently set to expire at the end of 2025. If this provision expires, over 20 million Americans will see a sudden increase in their health insurance costs, an estimated three million Americans could lose their health insurance entirely, and nearly nine million people will pay more—roughly $406 per person—for coverage.

“I’m focused on the kitchen table issues that keep families up at night and the skyrocketing cost of health care and prescription drugs is high on that list. I fought hard to cut health care costs for Wisconsinites – saving thousands of families hundreds of dollars each year – and I refuse to let us go backward,” said Senator Baldwin. “Our legislation will stop millions of hard-working Americans from having their healthcare costs jacked up, giving families peace of mind that they can get the quality health care they need at a price they can afford.”

“For years, the ACA enhanced premium tax credits have significantly lowered costs and increased access to health insurance for families in New Hampshire and across the country. But let’s be very clear: if Congress fails to act before these tax credits expire, tens of millions of Americans will suffer a substantial increase in health care costs and millions of individuals could lose their health insurance entirely,” said Senator Shaheen. “It’s time to extend these highly effective tax credits to keep costs from skyrocketing and ensure health care is within reach for every American, and I’m proud that our Health Care Affordability Act does just that.”

In Wisconsin, over 230,000 Wisconsinites are receiving advanced premium tax credits, averaging a monthly savings of over $500. Senator Baldwin first voted to expand the premium tax credit in the American Rescue Plan Act. This expansion of premium tax credits marked the biggest improvement to the ACA since it became law over a decade ago. When the tax credits were set to expire at the end of last year, Baldwin voted to extend their authorization through December 2025 in the Inflation Reduction Act.

Cosponsors of Shaheen and Baldwin’s bill include U.S. Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR), and U.S. Senators Jack Reed (D-RI), Jeff Merkley (D-OR), Sherrod Brown (D-OH), Richard Blumenthal (D-CT), John Fetterman (D-PA), Jacky Rosen (D-NV), Tim Kaine (D-VA), Amy Klobuchar (D-MN), Kirsten Gillibrand (D-NY), Tina Smith (D-MN), Sheldon Whitehouse (D-RI), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Ben Ray Luján (D-NM), Peter Welch (D-VT), Michael Bennet (D-CO), Laphonza Butler (D-CA), John Tester (D-MT), Chris Van Hollen (D-MD), Mark Warner (D-VA), Elizabeth Warren (D-MA), Chris Coons (D-DE), Gary Peters (D-MI), Richard Durbin (D-IL), Tammy Duckworth (D-IL), Brian Schatz (D-HI), Tom Carper (D-DE), Bob Casey (D-PA), Cory Booker (D-NJ), Angus King (I-ME), Maggie Hassan (D-NH), Catherine Cortez Masto (D-NV), Ed Markey (D-MA), Mark Kelly (D-AZ), George Helmy (D-NJ), Ben Cardin (D-MD), Debbie Stabenow (D-MI), Patty Murray (D-WA), Raphael Warnock (D-GA), Chris Murphy (D-CT) and Martin Heinrich (D-NM).

An online version of this release is available here.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.