Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe hidden reason Republicans are so eager to repeal Obamacare (YUGE tax cuts for the rich)
Repeal cuts taxes for millionaires, even if millions lose insurance.
Repealing Obamacare is a huge tax cut for the rich
This did not play a major overt public role in the 2009-10 debate about the law, but the Affordable Care Acts financing rests on a remarkably progressive base. That means that, as the Tax Policy Center has shown, repealing it would shower money on a remarkably small number of remarkably wealthy Americans.
The two big relevant taxes, according to the TPCs Howard Gleckman, are a 0.9 percent payroll surtax on earnings and a 3.8 percent tax on net investment income for individuals with incomes exceeding $200,000 ($250,000 for couples). That payroll tax hike hits a reasonably broad swath of affluent individuals, but in a relatively minor way. The 3.8 percent tax on net investment income (money made from owning or selling stocks and other financial instruments rather than working), by contrast, is a pretty hefty tax, but one that falls overwhelmingly on the small number of people who have hundreds of thousands of dollars a year in investment income.
Repealing Obamacare is a huge tax cut for the rich
This did not play a major overt public role in the 2009-10 debate about the law, but the Affordable Care Acts financing rests on a remarkably progressive base. That means that, as the Tax Policy Center has shown, repealing it would shower money on a remarkably small number of remarkably wealthy Americans.
The two big relevant taxes, according to the TPCs Howard Gleckman, are a 0.9 percent payroll surtax on earnings and a 3.8 percent tax on net investment income for individuals with incomes exceeding $200,000 ($250,000 for couples). That payroll tax hike hits a reasonably broad swath of affluent individuals, but in a relatively minor way. The 3.8 percent tax on net investment income (money made from owning or selling stocks and other financial instruments rather than working), by contrast, is a pretty hefty tax, but one that falls overwhelmingly on the small number of people who have hundreds of thousands of dollars a year in investment income.
http://www.vox.com/policy-and-politics/2017/1/17/14263918/affordable-care-act-tax-cut?yptr=yahoo
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 908 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (2)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
The hidden reason Republicans are so eager to repeal Obamacare (YUGE tax cuts for the rich) (Original Post)
CousinIT
Jan 2017
OP
Angry Dragon
(36,693 posts)1. SOP...........the repub way
Skittles
(153,298 posts)2. what's strange is
now they're acting like they thought they could do it and no one would notice
Wellstone ruled
(34,661 posts)3. It is called Pay Back
for your Campaign Support. Nothing else.