Tax reform

The Blue Cross Blue Shield tax break rolls on

Two tall buildings with the Blue Cross Blue Shield logo on the one in the foreground.
Health Care Service Corp. headquarters (right). Photo: Raymond Boyd/Getty Images

Health Care Service Corp., the parent of Blue Cross Blue Shield plans in 5 states, did not pay any federal income taxes in the first half of 2019. Instead, it got a $454 million tax refund, according to company financial documents.

The big picture: This comes after HCSC received a $1.7 billion federal tax refund in 2018 and highlights how Blue Cross Blue Shield insurers continue to be some of the biggest beneficiaries of the 2017 Republican tax overhaul.

The case against tax deductions

Note: Data includes the first 30 weeks of each year; Data: Internal Revenue Service; Chart: Chris Canipe/Axios

Trump's tax cuts were, weirdly, feared by homeowners and charities. Normally, tax cuts make people richer, and richer people spend more money on housing and charity.

But, but, but: Both those items have historically benefited from massive tax expenditures, leading to worries that they would be worse off after the tax cuts.