Republican Obamacare repeal benefits wealthiest: study
Source: Reuters
13 MAR 2017 AT 16:03 ET
A Republican plan to repeal taxes set under Obamacare would benefit the wealthiest U.S. households at more than five times the rate for middle-income families, according to the nonpartisan Tax Policy Center.
“The effects are really very dramatic. We found that a typical middle-income family would get a tax cut averaging about $300, while people in the top 0.1 percent would get a tax cut of about $207,000,” Howard Gleckman, a senior fellow at the nonprofit research group, said on Monday. (http://tpc.io/2n1Mdwi)
The expected benefits equal 2.6 percent of a wealthy family’s after-tax income, but only 0.5 percent of the income of a middle-class household making $51,600 to $89,400 a year, including fringe benefits like employer-provided health insurance, the center estimated.
The proposed changes are part of a plan backed by Republican President Donald Trump to repeal and replace the law officially known as the Affordable Care Act, former Democratic President Barack Obama’s signature domestic legislation. All told, the tax portion would eliminate levies worth $600 billion in revenues over a decade.
Read more: http://www.rawstory.com/2017/03/republican-obamacare-repeal-benefits-wealthiest-study/
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