The GOP health bill is a $600 billion tax cut almost entirely for the wealthy
by Dylan Matthews at Vox
http://www.vox.com/policy-and-politics/2017/3/7/14844362/ahca-ryancare-trumpcare-tax-cut-rich
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Most analysis of the American Health Care Act, the new House Republican plan for repealing and replacing Obamacare, has focused on the fact that it will take away health insurance from millions of Americans, including, eventually, millions of poor, elderly, and disabled Americans currently on Medicaid. It’s reasonable in light of that to ask what there is to like about the proposal.
The main answer, for Republicans is Congress, is that it also contains $600 billion in tax cuts — tax cuts that would save the wealthiest 0.1 percent of Americans nearly $200,000 each in a single year, according to a batch of analyses released by the Joint Committee on Taxation on Tuesday.
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Tax cuts in the Obamacare repeal bill
Center for a Responsible Federal Budget
The single biggest tax cut included in the bill is the repeal of the 3.8 percent tax the Affordable Care Act applied to capital gains, dividend, and interest income for families with $250,000 or more in income ($125,000 for singles).
Repealing that tax is a change that, by definition, only helps the rich, or at least the affluent. If you’re part of a married couple and, like the vast majority of Americans, make less than $250,000 a year, or earn more than that but have little investment income, it doesn’t affect you at all. The Tax Policy Center finds that repealing the tax would amount to an average tax cut of $0 for households in the bottom 90 percent — those making $208,500 or below. A handful of people in the 80th to 95th percentiles would see cuts, but the vast majority wouldn’t.
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