Bill Pascrell: “This bill punishes those who get ahead by raising the tax liabilities on families who have worked hard and who may have…”

“This bill punishes those who get ahead by raising the tax liabilities on families who have worked hard and who may have gotten raises or promotions. For a family of four in my district, the Eighth District of New Jersey--please visit us. We would love to have you, Mr. Chairman--who makes $80,000 a year, it will mean the family will get a 50 percent reduction on their premiums if they purchase health insurance in the marketplace--from the private sector, I might add. There is no government operation here. If they get a raise, however, and move above the threshold, they pay back a reasonable amount now; but in this legislation, under this bill, if they work a little harder and receive a financial benefit, the family will be punished. They'll be forced to repay the tax credit. There is no answer to that question. It's a fact of life. This means that the family which I'm talking about now will be hit with a surprise--get this, Madam Speaker--of an $11,200 tax bill. It's a $20,000 premium. They make $80,000. It's quite a hefty fee, I might add. Everything is wonderful with health care in the United States right now, but you're going to have added on--because you made a few bucks more--$11,200. Unintended consequences. Looking for love in all the wrong places. So let us be perfectly clear to the Members voting on this legislation: It's not a subsidy.…”