The hidden reason Republicans are so eager to repeal Obamacare
Repealing Obamacare is a huge tax cut for the rich
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The two big relevant taxes, according to the TPC's Howard Gleckman, are "a 0.9 percent payroll surtax on earnings and a 3.8 percent taxon net investment income for individuals with incomes exceeding $200,000($250,000 for couples)." That payroll tax hike hits a reasonably broad swath of affluent individuals, but in a relatively minor way. The 3.8 percent tax on net investment income (money made from owning or selling stocks and other financial instruments rather than working), by contrast, is a pretty hefty tax, but one that falls overwhelmingly on the small number of people who have hundreds of thousands of dollars a year in investment income.
For the bottom 60 percent of the population — that is, households earning less than about $67,000 a year — repeal of the ACA would end up meaning an increase in taxes due to the loss of ACA tax credits.
But people in the top 1 percent of the income distribution —those with incomes of over about $430,000 — would see their taxes fall by an average of $25,000 a year.
And for the true elite in the top 0.1 percent — people like designated White House senior adviser Jared Kushner, Treasury Secretary Steve Mnuchin, Education Secretary Betsy DeVos, Commerce Secretary Wilbur Ross, and many major campaign donors — the tax cut is truly enormous. Households with incomes of more than $1.9 million would get an extra $165,000 a year in take-home pay. That's obviously more than enough money to make these hyper-elite families come out ahead regardless of what happens to health insurance markets.
http://www.cnbc.com/2017/01/18/obamacare-and-why-republicans-so-eager-to-repeal-it-commentary.html
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