Health and Healthcare
America's 400 Richest Taxpayers Could Get $7 Million Tax Cuts If ACA Is Repealed
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A certain beneficiary of the Republican congressional delegation’s promise to repeal the Affordable Care Act (ACA) — widely known as Obamacare — will be the 400 richest households in the United States.
Repealing the ACA eliminates two Medicare taxes that currently fall only on high-income taxpayers. The 0.9% Hospital Insurance Tax on income over $200,000 ($250,000 for married couples) and the 3.8% tax on investment and other unearned income would deliver average tax savings of $7 million to each of the 400 highest income households. These 400 taxpayers report annual income of at least $300 million, and the total tax cut for this group would shave $2.8 billion in annual tax receipts.
The data were reported Thursday by the Center on Budget and Policy Priorities (CBPP).
The CBPP noted other implications of ACA repeal:
The CBPP report is available at the nonpartisan research and policy institute’s website.
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