Peter Schorsch
The Congressional Budget Office (CBO) revealed last week that millions of Americans would lose health care coverage if Congress does not extend premium tax credits by the end of this year.
In a memo to staff on Capitol Hill, the CBO estimated that if the enhanced premium tax credits are not made permanent, 5.7 million American citizens will lose health insurance.
This staggering number will hit Florida particularly hard given the high population of working Floridians who access private health coverage through the marketplace.
According to Florida Conservatives for Affordable Health Care, more than 4 million working Floridians depend on tax credits to access comprehensive health insurance coverage. The tax credits are set to expire at the end of this year, which would force premiums to skyrocket. Taxpayers would be left to foot the bill for the millions of working Floridians who can’t afford higher premiums and are left uninsured.
A family of four earning $129,800 per year would be forced to pay $10,662 more for their health insurance. A 60-year-old couple earning $82,800 per year would see their premiums increase by more than $19,000.
The price increase will be particularly hard for small-business owners, as 82% of them rely on enhanced premium tax credits. Without access to affordable health care coverage, these employers would be forced to make difficult decisions about the health and well-being of their families and their teams.
Julio Fuentes, who advocates for the 600,000 Hispanic-owned businesses in Florida as head of the Florida Hispanic Chamber of Commerce, worries about the impact on his community if Congress does not extend or make permanent these critical tax credits.
“Inaction would devastate Hispanic small business owners, their employees, and millions of other Floridians who depend on these tax credits,” he said in a recent opinion column. “Florida’s congressional delegation must work together to extend these tax credits and keep health coverage within reach for working families.”
Conservative momentum for extending the tax credits is growing. Earlier this month, conservative think tank Plymouth Union Public (PUP) Research issued a memo calling on Congress to extend premium tax credits that help working families pay for their health care.
“Extending the enhanced tax credits is a free-market policy position and will save billions if paired with tailored Medicaid reforms,” according to the May 6 memo.
In April, Trump pollster Tony Fabrizio found that House Republicans could score well with swing voters in the 2026 Midterm Elections if they extend tax credits. The survey found that 78% of swing voters support extending health care premium tax credits for working families.
