How Much Do U.S.A Health Insurance Tax Breaks and Subsidies Charge?

U.S. taxpayers will fork over $660 billion this year to subsidize health insurance for persons under the age of 65, the vast majority of whom have coverage through their employers, the Congressional Budget Office claimed on the day of Thursday.

In its most comprehensive report on the cost of subsidized health coverage, a potential aim for deficit reduction, CBO stated the 2016 tax bill equals 3.6% of gross domestic product and involves the federal tax exclusion for employer-sponsored insurance, Medicaid programs for the worse and tax credits present to lower-income Americans through the healthcare law called as Obamacare.

CBO claimed that the cost of healthcare subsidies is hoped to grow an annual 5.4% on average over the next decade, reaching $1.1 trillion, or 4.1% of GDP, in the year 2026, CBO researchers stated in a report.

The report did not involve the federal cost of health insurance for persons 65 and older.