EverettGriz said:
reinell30 said:
What constitutes "Rich" or "Wealthy?"
Incomes of $772,000 + per year:
the top 1 percent of earners (those making more than $772,000 in 2022) would receive 40 percent of the savings.
http://www.npr.org/2017/05/04/526923181/gop-health-care-bill-would-cut-about-765-billion-in-taxes-over-10-years
I think the Republican Health Care plan has a ton of flaws and has no chance of passing. But I always find it funny that the Dem's never have a problem adding taxes to the quote "wealthy" but when the Republicans try to get rid of these Obamacare tax increases they always scream that the tax cut's favor the rich, or wealthy or top 1%.
Almost all of the taxes that would be cut in the Republican plan are the taxes that were put in place to pay for Obamacare, nothing more, nothing less. So what does this tell you as to who was paying for Obamacare?
The major tax provisions in the bill would:
—Delay a new "Cadillac" tax on high-cost health insurance plans until 2026. This is a budget gimmick to ensure that the bill complies with Senate rules that forbid the legislation from adding to the federal government's long-term debt.
The tax was part of Obama's health law, and it has long been unpopular among Republicans, as well as business groups and labor. On paper, the tax would take effect in 2026, generating billions of dollars in revenue every year after.
However, Congress has already delayed the tax once, until 2020, making it unlikely lawmakers will ever let it take effect. Of course, in 2026, it will be somebody else's problem.
— Repeal a tax on wealthy investors, saving them about $172 billion over the next decade.
Obama's health law enacted an additional 3.8 percent tax on investment income for married couples making more than $250,000 a year and individuals making more than $125,000. The Senate bill would repeal the tax this year.
About 90 percent of the benefit from repealing the tax would go to the top 1 percent of earners, who make $700,000 or more, according to the nonpartisan Tax Policy Center.
—
Repeal a new Medicare payroll tax on high-income families, saving them about $59 billion over the next decade. Obama's health law enacted an additional 0.9 percent payroll tax on wages above $250,000 for married couples and above $125,000 for individuals. The Senate bill would repeal the tax in 2023.
—Repeal a tax penalty on larger employers not providing health insurance to workers, saving them $171 billion over the next decade.
—Repeal a tax penalty for people who do not get health insurance, saving them $38 billion over the next decade.
—Repeal a new annual fee on health providers, based on market share, saving them about $145 billion over the next decade.
—Repeal a 2.3 percent excise tax on companies that make or import medical devices, saving them around $19 billion over the next decade. The Senate bill would repeal the tax in 2018 — a year later than the House bill.
—Repeal a 10 percent excise tax on tanning services, saving people $621 million over the next decade.