Here’s what Republicans voted for Wednesday night— $7 million for each of the 400 richest tax-payers
Sure, repealing Obamacare is about bringing “choice” back to Americans when it comes to their health insurance. That’s what Republicans say, right? That it’ll cost consumers less and be better and that’s all they want for the nation. How do you know that’s bullshit? Because of what repeal will really mean: massive tax cuts for the wealthiest tax-payers.
Urged on by Trump, the Senate overnight adopted a budget resolution that clears a path for eliminating the tax-and-spending provisions of the Affordable Care Act by simple majority vote — no Democratic cooperation required. That means repeal of two provisions targeted at high-income households: a 0.9 percent hospital insurance tax on earnings above $250,000 for couples and a 3.8 percent tax on capital gains, dividends and other nonlabor income above that same threshold.
That would provide a tax cut averaging $7 million for each of the 400 highest-earning taxpayers, according to new calculations by the liberal Center on Budget and Policy Priorities using Internal Revenue Service data. That cut, the center estimated, would amount to $2.8 billion annually overall — or approximately the value of Obamacare subsidies for those with modest incomes in the 20 smallest states and the District of Columbia.
Overall, eliminating those two levies would represent a tax cut of roughly $346 billion over 10 years, according to the Congressional Budget Office. Households with million-dollar-plus incomes — a much larger group than the top 400 — would receive an average tax cut of $49,000 a year, the center says.
The only people Republicans are looking out for are the ones in Trump’s swamp.
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