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Millions Could Lose Affordable Insurance Without Tax Credit Extension

by Shreeya

Congressional Republicans are pushing to create a “Big Beautiful Bill,” a major legislative package that aims to cut taxes, boost the economy, and reduce government control. This plan follows President Donald Trump’s vision for economic growth.

However, a key issue is missing: health care coverage for 20 million hardworking Americans. In Florida, voters are raising concerns about the possible end of enhanced premium tax credits. These credits have helped millions afford health insurance since 2022.

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More than 600,000 small-business owners in Florida benefit from these credits. Florida leads all states with over 4.6 million people relying on them to pay for health care.

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If Congress does not extend these tax credits, insurance premiums will rise sharply. Small-business owners, young families, and retirees will face higher costs. Some may have to use credit cards, savings, or lose coverage altogether. For example, a 60-year-old couple earning $82,800 could see their premiums increase by over $19,000.

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The economic effects would be severe. Florida could lose $5.5 billion in state GDP and 49,000 jobs if the credits expire.

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Business groups like the Florida Hispanic Chamber of Commerce say extending the tax credits fits Republican values. They argue it helps families, cuts government waste, and supports small businesses chasing the American Dream.

Julio Fuentes, the chamber’s president, said, “If Congress does nothing, it would hurt Hispanic small-business owners, their employees, and millions of Floridians who depend on these credits. Our congressional leaders must work together to extend them and keep health care affordable.”

Extending these tax credits is important to Republican voters, especially in swing states. A recent survey by pollster Tony Fabrizio found that 78% of Trump supporters nationally want the credits extended.

With Republicans holding a slim majority in Congress, protecting these credits is critical to keeping their power in the upcoming Midterm Elections.

Polling by Impact Research supports this. It shows:

72% of voters nationwide, including 63% of Republicans, support extending the tax credits.

In key House battleground districts, 71% want the credits protected.

Most voters say they will back candidates who fight to keep the credits and oppose those who don’t.

President Trump’s economic plan has always focused on helping working Americans achieve the American Dream. Extending the tax credits will ensure families continue to afford private health insurance.

As lawmakers negotiate the budget, Florida voters are urging Congress to make sure the “Big Beautiful Bill” includes these crucial tax credits. This will keep millions of Floridians covered and secure.

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