The U.S. House of Representatives voted to approve a new health care package on the afternoon of May 4 local time, making President Trump's process of repealing and replacing Obamacare a big step forward, CNN reported.
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Under the new deal, individual mandatory health care is repealed, but individuals who discontinue their health care coverage for more than 63 days will see a 30 percent increase in the cost of new coverage. Also repealed is the employee mandatory health insurance limit. Previously, companies employing more than 50 people were fined if they failed to offer health insurance.
Under Obamacare, Medicare taxes increased dramatically, while medical devices, health insurance, pharmaceutical companies, and high-end health insurance all received additional taxes. But the new health care policy eliminates the vast majority of the tax increases, while extending the tax on high-end health insurance through 2026.
In summary, Trumpcare will affect the lives of millions of Chinese Americans.
But it is Trump who is happiest. He clapped and cheered with members of his team as soon as the dust settled on the vote. In public remarks afterward, Trump said that Obamacare would be completely "dead" and that there would be no mistake about repealing and replacing it, and he was confident that the bill would pass the Senate by then.