Related: Why Republicans Are Hitting the Brakes on Obamacare Repeal
Roughly 160 million households with incomes below $200,000 would get nothing from the repeal of these two taxes, according to the report. The top 400 highest-income taxpayers - with average annual incomes of more than $300 million each - would receive an estimated average annual tax cut of $7 million as part of the repeal, according to the study of Internal Revenue Service data.That would result in a $2.8 billion a year loss in tax revenue to the Treasury. The other is a 3.8 percent Medicare tax on “unearned income” that wealthy Americans derive from capital gains, dividends and royalties. One is a 0.9 percent federal Hospital Insurance tax increase on individuals with incomes above $200,000 and couples with incomes above $250,000. The study released on Thursday focused on two Obamacare taxes that target the wealthiest households in the country but have virtually no effect on middle and lower-income Americans. Those taxes – which have long been criticized by Republican lawmakers and special interest groups – potentially could be wiped away if the Republican-controlled Congress moves ahead with plans to repeal Obamacare in the coming month or two, without a clear replacement plan. Obamacare is financed by a combination of tax increases on individuals and businesses, Medicare tax increases and cost savings measures, among others. Related: Trump Promises To Repeal and Replace Obamacare Together, But Can It Be Done? Indeed, the 400 highest income taxpayers in the country could receive millions of dollars in tax relief next year while middle and lower income Americans would come up empty or in the hole, according to the report by the liberal-leaning Center on Budget and Policy Priorities.
Should President-elect Donald Trump and congressional Republicans make good on their pledge to dismantle the Affordable Care Act, the repeal of a handful of tax increases on individuals and businesses and the elimination of a federal tax credit that subsidizes health insurance premiums likely would result in a massive windfall for wealthy households and a financial setback for low and moderate-income people, according to a new study.
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