Tax cut, Obamacare repeal on agenda for Trump's first 100 days

Investing.com - Investing.com - The Congressional Republicans and the new American President, Donald Trump, have decided that repealing the Obamacare health insurance program and cutting corporate and individual tax rates are the top priorities during the first 100 days of the new administration in 2017, according to news reports.

Reinhold Preibus, the chairman of the Republican National Committee, and incoming White House chief of staff, disclosed the plans during an interview yesterday.

The Obamacare health insurance plan has been the cause of controversy since it was passed without any Republican votes early in President Obama's first term. The law required that all adults purchase health insurance, or be fined by the government's tax office. Many chose to pay the fine, rather than to purchase substandard health insurance, which did not cover all contingencies, including pregnancy or palliative care.

The law has some vocal supporters, even now, in its waning days, as it did provide minimal health insurance coverage for patients with pre-existing health conditions whom no one would insure.

The federal government provided cash subsidies to health insurers to underwrite the care of those patients.

"No private insurer can afford the actuarial consequences of people who have no lifetime limit on expenditures," said former Gov. Mike Huckabee (R-Ark.), a failed candidate in the GOP primary for president of the U.S., earlier this year. Huckabee turned down a social policy position in the Trump cabinet.

In addition to the news disclosure on Obamacare and taxes, the Trump transition team has let it be known that it is finalizing its list of "Constitutional appointees," including a new Supreme Court justice pick, which will be announced before inauguration day on Jan. 20. Senior Advisor Steve Bannon is said to be leading that effort, a source close to the transition told Investing.com.