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Started By
Message
U.S. Republican Obamacare repeal would benefit wealthiest: study
Posted on 3/13/17 at 4:38 pm
Posted on 3/13/17 at 4:38 pm
LINK
quote:
By David Morgan
WASHINGTON (Reuters) - A Republican plan to repeal taxes set under Obamacare would benefit the wealthiest U.S. households at more than five times the rate for middle-income families, according to the nonpartisan Tax Policy Center.
"The effects are really very dramatic. We found that a typical middle-income family would get a tax cut averaging about $300, while people in the top 0.1 percent would get a tax cut of about $207,000," Howard Gleckman, a senior fellow at the nonprofit research group, said on Monday. (LINK )
The expected benefits equal 2.6 percent of a wealthy family's after-tax income, but only 0.5 percent of the income of a middle-class household making $51,600 to $89,400 a year, including fringe benefits like employer-provided health insurance, the center estimated. The top 0.1 percent of U.S. families have income of at least $3.9 million.
The proposed changes are part of a plan backed by Republican President Donald Trump to repeal and replace the law officially known as the Affordable Care Act, former Democratic President Barack Obama's signature domestic legislation. All told, the tax portion would eliminate levies worth $600 billion in revenues over a decade.
If adopted, the plan could be the first in a series of tax cuts promised by Trump, who has vowed to lower taxes further through separate legislation to overhaul the U.S. tax code. [nL1N1F6023]
The Congressional Budget Office, which provides official cost estimates for legislation, on Monday said 14 million more people would be uninsured in 2018 and 24 million more in 2026 if the plan being considered in the House of Representatives were adopted. The Republican plan would also reduce federal deficits by $337 billion between 2017 and 2026, the office said.
[nL2N1GQ0P1]
House of Representatives Speaker Paul Ryan, the Republican healthcare plan's top backer in Congress, and House Democratic leader Nancy Pelosi's office had no immediate comment.
Trump defended the Republican plan on Monday, telling a group of Obamacare opponents that the replacement would offer more coverage choices at lower costs. [nL2N1GQ0P1]
Obama raised taxes on the wealthy to fund healthcare benefits for middle- and low-income Americans under his healthcare law, which has extended coverage to 20 million previously uninsured people through subsidized private coverage and the Medicaid program for the poor.
Democrats charge that Republicans would now help the rich at the expense of families who depend on Obamacare subsidies.
The repeal of just two ACA taxes - a 3.8 percent investment tax and a 0.9 percent Medicare payroll tax on people earning $200,000 or more a year - would return about $275 billion to taxpayers over 10 years, the congressional Joint Committee on Taxation, or JCT, said in a report last week.
About 60 percent of that sum would go to those with incomes of $1 million a year or more, according to a Reuters analysis of JCT data released only to Congress.
In addition to the investment and hospital taxes, the Tax Policy Center also included the effects of repealing Obamacare's tax penalties for the uninsured and employers that offer no insurance, and excise taxes on healthcare providers and insurers.
The researchers found that 40 percent of benefits from the proposed tax changes would go to households earning more than $772,000 a year in 2022, when the cuts would be fully effective.
Posted on 3/13/17 at 4:40 pm to Phat Phil
I'm amazed how they can do such a thorough study in a few hours
Posted on 3/13/17 at 4:43 pm to the808bass
Of course it would. They're Republicans. They wealthy are the only ones they give a damn about. Why else do you think the super wealthy have bought this country and rigged the game in their favor?
Posted on 3/13/17 at 4:44 pm to HTDawg
Go frick yourself.
I mean that in the nicest possible way.
I mean that in the nicest possible way.
Posted on 3/13/17 at 4:44 pm to Phat Phil
Phat Phil is just as dumb with issues facing America as he is predicting Vol championships.
Posted on 3/13/17 at 4:45 pm to HTDawg
LOL
Ignore all those limo liberals in DC pulling on your heart strings while living high on the hog.
Ignore all those limo liberals in DC pulling on your heart strings while living high on the hog.
Posted on 3/13/17 at 4:46 pm to HTDawg
quote:
Why else do you think the super wealthy have bought this country and rigged the game in their favor?
To keep people like you from contaminating society with your ideas
Posted on 3/13/17 at 4:47 pm to Phat Phil
quote:
plan to repeal taxes
A plan to repeal taxes definitely will NOT benefit the poorest....they pay no taxes to begin with.
So let's see now, which segment pays the most absolute dollars in taxes?
Not the poor, pay no taxes.
Not the just barely taxable since they are minimally taxed.
Not the medium taxed as they are taxed kinda middle of the road amounts.
Gee, this is so haaaaard to figure out.
The upper middle maybe?
No, no, wait a minute.....the wealthy! Yeah they get taxed the biggest numbers since they have incomes of the largest numbers.
Posted on 3/13/17 at 4:48 pm to Phat Phil
So people that have actually worked over time, and have built up personal resources, are going to benefit from not having to pay for people that have lived life on the edge for generations?
Color me shocked I tell you. Shocked!
Color me shocked I tell you. Shocked!
Posted on 3/13/17 at 4:50 pm to AuburnTigers
quote:it helps when all you have to do is change a few dates in words from the studies that you did every other time a republican proposed to Bill
m amazed how they can do such a thorough study in a few hours
Posted on 3/13/17 at 4:58 pm to the808bass
quote:
PhatPhil with PhakeNews
Are you sure about that? Breitbart's not on board with the Affordable Care Act, either.
Posted on 3/13/17 at 4:59 pm to Phat Phil
quote:
About 60 percent of that sum would go to those with incomes of $1 million a year or more,
you ordinary folks did not know what the bill had in store did you?
You still really for it?
Posted on 3/13/17 at 5:01 pm to HTDawg
quote:
They're Republicans. They wealthy are the only ones they give a damn about. Why else do you think the super wealthy have bought this country and rigged the game in their favor?
LOL!
Bet you didn't know that the Dems became the party of wealth a while back. AS In they have more money per member than the GOP
Posted on 3/13/17 at 5:01 pm to Phat Phil
So repealing a plan that hit the wealthy with a new tax would help them avoid that new tax. No way!
Posted on 3/13/17 at 5:02 pm to CelticDog
Who on this board has supported it.
Please list them.
Please list them.
Posted on 3/13/17 at 5:02 pm to Phat Phil
quote:
Obamacare repeal would benefit wealthiest
The wealthiest are having less money stolen from them, and that's a bad thing?
Posted on 3/13/17 at 5:03 pm to CelticDog
Otto...are you implying you are superior to us?
Posted on 3/13/17 at 5:04 pm to DisplacedBuckeye
Phake news from Phat Phil....shocker.
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