Obamacare jacked up taxes on the 1 percent, gave $16 billion annually to poor

[ehrnst]

The 2010 Affordable Care Act ratcheted up taxes for the richest Americans while redirecting more than $16 billion to the poorest income bracket in the country, according to a report from the Congressional Budget Office.

Several new taxes in the law — often referred to as Obamacare — increased the average tax burden of the richest 1 percent of Americans by about $21,000 per year, decreasing their average annual income by about 1.2 percent, the CBO said in the report. The richest 20 percent of Americans paid, on average, an additional $1,100 annually because of these new taxes, the biggest of which include a tax on investment income and another on health insurers.


The report also shows the ACA boosted incomes for those at the bottom of the income distribution, primarily through expanding Medicaid, the nation's health insurance program for the poor, to millions more Americans.

https://www.washingtonpost.com/news/wonk/wp/2018/03/28/obamacare-jacked-up-taxes-on-the-1-percent-gave-16-billion-annually-to-poor/

[Eliot Rosewater]

1. THis is one of the reasons they hate it so much.

Not only were they asked to pay their fair share, finally, but the guy telling them to was black.

Cant have that, can we.

[ehrnst]

3. Yep. And they thought it was "socialized medicine." (nt)

[democratisphere]

2. The greed of the one percent is insatiable and unconscionable.

[leftstreet]

4. $21k is like a penny to the 1Percenters

if that

Jack it up WAY higher

[ehrnst]

5. I like to think that progress is progress

and it's good to point out when something is working, unlike ideas that are talked about endlessly for decades, and yet seem to get nowhere in terms of achieving actual benefits for actual people.

[leftstreet]

7. It's great to point it out

And you'll find people looking at those figures and saying....wait a minute, we CAN move to single payer

[ehrnst]

8. Some people, I'm sure.

I think that Single Payer is decades off, and people can't wait that long.

[betsuni]

6. K&R