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ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
http://www.cbpp.org/research/federal-tax/aca-repeal-would-lavish-medicare-tax-cuts-on-400-highest-income-households
Republicans’ planned bill to repeal the Affordable Care Act (ACA), which is expected to be similar to the repeal bill that President Obama vetoed in January 2016, would provide an immediate windfall tax cut to the highest-income Americans while raising taxes significantly on about 7 million low- and moderate-income families.
First, it would eliminate two Medicare taxes — the additional Hospital Insurance tax and the Medicare tax on unearned income — that both fall only on high-income filers, thereby cutting taxes substantially for those at the top.
The top 400 highest-income taxpayers — whose annual incomes average more than $300 million apiece — each would receive an average annual tax cut of about $7 million, we estimate from Internal Revenue Service (IRS) data.
This group’s tax cut would total about $2.8 billion a year.
The roughly 160 million households with incomes below $200,000 would get nothing from the repeal of these two taxes.
Second, ACA repeal would significantly raise taxes on about 7 million low- and moderate-income families due to the loss of their premium tax credits — worth an average of $4,800 in 2017 — that help them buy health coverage through the health insurance marketplaces and afford to go to the doctor when needed.
The $2.8 billion a year total tax cut for the top 400, as noted above, is roughly the value of premium tax credits that 813,000 people in the 20 smallest states and Washington, D.C. would lose combined if the ACA is repealed without a replacement
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And THAT is why they want to repeal the ACA (in addition to the fact that Obama approved it...)
Screw the middle and lower class (and even the lower end of the upper classes), let's grab all the money we can while we're in charge....
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Posted 1/12/17 7:29 AM  |
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PearlJamChick
No one sings like you anymore.
Member since 7/10 9264 total posts
Name:
Petticoated Swashbuckler
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Re: ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
If ACA is repealed and not replaced in a seamless, immediate transition, some of my friends will die.
I am 35 years old and some of my friends, who are between the ages of 18-40, will die, because they will not have access to the therapies necessary to keep their cancer controlled.
These greedy monsters are holding lives in their hands. Lives of college students, moms and dads, daughters and sons, siblings and friends. 
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| Posted 1/12/17 7:44 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
Posted by PearlJamChick
If ACA is repealed and not replaced in a seamless, immediate transition, some of my friends will die.
I am 35 years old and some of my friends, who are between the ages of 18-40, will die, because they will not have access to the therapies necessary to keep their cancer controlled.
These greedy monsters are holding lives in their hands. Lives of college students, moms and dads, daughters and sons, siblings and friends.
It's bad enough when Presidents (of any party) send soldiers to die in battle for any reason, but to have politicians send civilians to their death for purely money and politics is just pure evil....
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| Posted 1/12/17 8:06 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
Posted by PearlJamChick
If ACA is repealed and not replaced in a seamless, immediate transition, some of my friends will die.
I am 35 years old and some of my friends, who are between the ages of 18-40, will die, because they will not have access to the therapies necessary to keep their cancer controlled.
These greedy monsters are holding lives in their hands. Lives of college students, moms and dads, daughters and sons, siblings and friends.
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| Posted 1/12/17 8:26 AM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
Posted by PearlJamChick
If ACA is repealed and not replaced in a seamless, immediate transition, some of my friends will die.
I am 35 years old and some of my friends, who are between the ages of 18-40, will die, because they will not have access to the therapies necessary to keep their cancer controlled.
These greedy monsters are holding lives in their hands. Lives of college students, moms and dads, daughters and sons, siblings and friends.
And they give zero shits about it. They just want anything associated with Obama out.
That's the scary part.
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| Posted 1/12/17 8:28 AM |
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Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
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Re: ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
Posted by JennZ
Posted by PearlJamChick
If ACA is repealed and not replaced in a seamless, immediate transition, some of my friends will die.
I am 35 years old and some of my friends, who are between the ages of 18-40, will die, because they will not have access to the therapies necessary to keep their cancer controlled.
These greedy monsters are holding lives in their hands. Lives of college students, moms and dads, daughters and sons, siblings and friends.
And they give zero shits about it. They just want anything associated with Obama out.
That's the scary part.
I think what they want is anything associated with the rich paying their fair share of taxes out. The rich donate to them, keep them in office, and then they are their puppets.
This is so transparent, and so sick and disturbing. More and more, I'm thinking we need an uprising.
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| Posted 1/12/17 8:56 AM |
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MC09
arrrghhh!!!!
Member since 2/09 5674 total posts
Name:
Me speaks pirate!
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Re: ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
Posted by PearlJamChick
If ACA is repealed and not replaced in a seamless, immediate transition, some of my friends will die.
I am 35 years old and some of my friends, who are between the ages of 18-40, will die, because they will not have access to the therapies necessary to keep their cancer controlled.
These greedy monsters are holding lives in their hands. Lives of college students, moms and dads, daughters and sons, siblings and friends.
As long as we make America great again....
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| Posted 1/12/17 11:16 AM |
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MC09
arrrghhh!!!!
Member since 2/09 5674 total posts
Name:
Me speaks pirate!
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Re: ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
Posted by Chai77
More and more, I'm thinking we need an uprising.
Eventually people are going to have to wake up, get their heads out of reality tv marathons for a minute and say "enough is fukcing enough!"... Something's got to give. We are headed in a really bad place.
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| Posted 1/12/17 11:21 AM |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households
It's fascinatingg, it really is. What did people expect? I'm an accountant and we had a tax update the other night where they addressed the effects of Trump's proposed tax cuts. It's seriously ludicrous how much higher-income households will go down while lower-income households go up. Let's not even touch on the business tax laws.. lord. But all people heard was "tax cuts" and assumed they would somehow benefit from it? LOL. Ugh!!!!
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| Posted 1/12/17 12:01 PM |
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