Americans stand to lose $65 billion in tax credits if the Supreme Court rules against ObamaCare next year, according to a top House Democrat.
The report from Rep. Henry Waxman, ranking member on the Energy and Commerce Committee, details the impact that a ruling against the law in the case, King v. Burwell, would have on taxpayers in every zip code.
“If the law’s opponents succeed, they will deprive Americans of $65 billion in tax credits, making it more difficult for millions of middle class families to have the health insurance coverage they need,” Waxman, one of the authors of the Affordable Care Act, said in a statement Tuesday.
The states with the most subsidies at stake include Florida, which stands to lose $12.2 billion; Texas, which could lose $8.5 billion; and North Carolina, which could lose $4.5 billion.
The estimated subsidy losses are far higher than the ones projected in a report from the nonprofit Robert Wood Johnson Foundation, which estimated $36 billion in subsidies could be lost among 7.3 million people in 2016 if the court rules against the law.