Repealing Obamacare would give 400 of the richest families in America a tax cut worth an average of $7 million each, even as it yanks health insurance away from low- and middle-income Americans. But it’s an accurate one, according to a new report from the Center on Budget and Policy Priorities. To help pay for all of these new outlays, the law imposed a “surtax” that basically expands the existing Medicare payroll tax. They did this by using data from the Brookings-Urban Tax Policy Center and, separately, from the IRS, in order to figure out what the tax cut would mean for the 400 households in America with the highest tax liabilities. On average, these families have incomes of $318 million a year, according to the report, which means the $7 million tax cut they would get is roughly equivalent to increasing their incomes by 2 percent.
Source: Huffington Post January 12, 2017 05:05 UTC