According to the Council of Economic Advisors (CEA), “Even without the enhancements in the One Big Beautiful Bill [OBBBA], a typical median-income family with two children1 can expect a lower tax bill of about $1,700 compared to if the [2017 Tax Cuts and Jobs Act (TCJA)] expires.” But those savings are at risk for more than 22 million Americans. Without Congressional action to extend the enhanced health care tax credit — set to expire this year — that same family of four could see their health insurance premiums spike by 91%, increasing their premiums by $2,947 and creating a -$1,247 family budget shortfall that erases all of their base tax benefit. Congress must act now to extend the health care tax credit and protect the full value of tax relief for working American families.
