The Republicans finally passed their tax reform bill earlier this month (bill text, JCT budget effects, JCT distributional effects). Overall the bill reduces revenue, on net, by around $1.5 trillion over the next ten years, or about 0.6 percent of projected GDP over that period. In distributional terms, the rich benefit far more than the poor and middle class. Indeed, by the end of the tax plan, those making below $75,000 per year will actually be paying higher taxes.

In addition to a rich-heavy tax cut, the plan repeals Obamacare’s individual mandate. The mandate required individuals to buy health insurance or else pay a fine to the IRS every year. The CBO estimates that eliminating the mandate in this manner will result in 13 million fewer people having health insurance by 2025, bringing the total uninsured in that year to 41 million. When Barack Obama was elected president in 2008, 46 million Americans were uninsured.

The CBO also estimates that premiums on the exchanges will be about 10 percent higher each year than they would have been had the individual mandate been retained. This is because those dropping out of insurance will be healthier on average than those staying in, which will drive up the per-person cost to provide care for those remaining in the insurance pools.