This week, legislation was introduced by Senate Democrats to make tax credits a permanent fixture to lower the cost of health insurance plans through the Affordable Care Act by Senators Jeanne Shahaan (D-NH) and Tammy Baldwin (D-Wis). This builds on the original legislation that was introduced four years ago, the enhanced tax credits enacted by the American Rescue Plan in 2021 and the Inflation Reduction Act of 2022. The original tax credits are set to expire at the end of 2025. Congressional action is needed by the end of 2024 to ensure market stability in 2026. The Congressional Budget Office projected these tax credits would help millions including those who are chronically ill but cost billions over the next 10 years.
