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2025 Tax Credit Cuts: $34 Billion GDP Loss, 286,000 Jobs at Risk

3/5/2025

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Summary

Story summary

A new report warns that if enhanced premium tax credits vanish in 2025, the fallout could be dire: a staggering $34 billion hit to GDP and the loss of 286,000 jobs, mainly in healthcare. States like South Carolina, which have not expanded Medicaid, could suffer the most, facing job cuts and diminished access to vital health services.

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Story summary

A new report warns that if enhanced premium tax credits vanish in 2025, the fallout could be dire: a staggering $34 billion hit to GDP and the loss of 286,000 jobs, mainly in healthcare. States like South Carolina, which have not expanded Medicaid, could suffer the most, facing job cuts and diminished access to vital health services.