U.S. Politics

Here’s what Republicans voted for Wednesday night— $7 million for each of the 400 richest tax-payers

HOLLYWOOD, FL - APRIL 15:  Felue Chang who is newly insured under an insurance plan through the Affordable Care Act receives a checkup from Dr. Peria Del Pino-White at the South Broward Community Health Services clinic on April 15, 2014 in Hollywood, Florida. A report released by the Congressional Budget Office indicates that the Affordable Care Act will cost $5 billion less than originally projected for 2014.  (Photo by Joe Raedle/Getty Images)

attribution: Getty Images

And so it begins… (ks)

DAILY KOS

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.

Joan McCarter

3 thoughts on “Here’s what Republicans voted for Wednesday night— $7 million for each of the 400 richest tax-payers

  1. This information is so important and the Republicans conceal and distort it. Starting with McConnell and Ryan they should all be ashamed of themselves. If it can all be made public perhaps the public will wake and rise up. Then the Republicans will pay up at the ballot box. Keep posting.

    Liked by 2 people

    1. I just finished sending the article (the text, NOT just a link) to everyone on my mailing list.
      The subject line read, “I don’t want to anger anyone, but we ALL should understand this: Ted “

      Liked by 1 person

      1. Our best hope is to keep the public as aware as each of us can as to what can be lost. Our government officials need to know that this is a new day. People are watching and learning. We can’t out spend the extremist who want to change our government. We can keep speaking up and we can out vote them.

        Liked by 1 person

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