International Business Times: Republican Health Care Plan: Trumpcare Gives Wealthiest 1% A $31B Taxcut
media mentionThe wealthiest Americans will see the biggest benefit from the Republican plan to repeal the tax on investments and additional Medicare tax in the Republican American Health Care Act, a state-by-state analysis by the Institute on Taxation and Economic Policy indicates, with California and the District of Columbia the biggest winners.
The analysis indicated the wealthiest Americans will see a $31 billion tax cut if the Obamacare replacement measure is approved, with the wealthiest 1 percent reaping as much as 96 percent of the benefit.
“The bottom line is that this is another proposed tax giveaway to the wealthiest Americans,” said Matt Gardner, a senior fellow at the institute, a nonpartisan, nonprofit research organization. “Just like Congress’ proposed tax plan, the health care bill focuses on ensuring the wealthy have to contribute as little as possible to fund the services on which we all rely.”