Obamacare Repeal = $7 Million Tax Cut for Nation’s Richest 400 People
NOVANEWS
New report from Center on Budget and Policy Priorities shows getting rid of healthcare law would deliver windfall tax cut for top earners
by: Andrea Germanos
Supporters of the Affordable Care Act, also known as Obamacare, rally outide the U.S. Supreme Court in 2014. (Photo: LaDawna Howard/flickr/cc)
Repealing Obamacare, which Republicans on Friday appear closer to doing, would deliver a sizeable tax cut for the rich, a new report shows.
Released Thursday by the Center on Budget and Policy Priorities (CBPP), the publication shows that the repeal would give to each of the top 400 highest-income taxpayers—who averaged incomes of roughly $318 million in 2014—a tax cut of about $7 million a year.
That's because getting rid of the healthcare law would mean ...