Tax Reform

Abraham Schwab

The point of insurance is to ensure that individuals who face a catastrophic event with high costs do not end up bankrupt and destitute. Leading up to the passage of the Affordable Care Act, our health insurance system was perverse: medical bills led to more than half of all bankruptcies in the US. And of those medical bill bankruptcies, more than half had insurance when they declared bankruptcy. Having health insurance did not protect them from ending up bankrupt as a result health care costs.

House Speaker Brian Bosma says after years of major tax cuts and reforms, it’s time for the General Assembly to, in his words, “take a breath.”

Speaker Bosma says the legislature has enacted 15 tax cuts over the last 14 years, including property  tax caps, reductions in the corporate and individual income taxes and elimination of the inheritance tax.  

Bosma says he thinks it’s time to let the system settle and allow people to get accustomed to the state’s  existing tax climate.