Richest Households Will Pay Nearly $200K Less Under New Health Plan
A look at how taxes will work under the American Health Care Act.
The Washington Post:
The Massive Tax Cuts For The Rich Inside The GOP Health-Care Plan
Republicans' new health-care bill is a mass transfer of income that cuts taxes for the wealthiest Americans while cutting federal benefits for the middle and working class. Just two provisions in the Republican plan would allow the richest households to pay an average of nearly $200,000 less under the GOP plan, according to the nonpartisan Tax Policy Center. (Ehrenfreund, 3/7)
The Washington Post:
Republicans’ Obamacare Replacement Contains Huge Tax Cuts For Insurance Companies, But It Comes At A Cost.
The bill would repeal a slew of taxes that would have cost insurance, medical device makers and other health care companies tens of billions of dollars over a decade. The repeal of just one such provision — the health insurer tax — is a tax cut of $145 billion over a decade, according to an analysis by the Joint Committee on Taxation. (Johnson, 3/7)
CQ Roll Call:
Brady Defends Obamacare Tax Cuts As Pro-Growth
House Republicans have launched their first missive in the battle to slash individual tax rates by using the fast-moving reconciliation measure that would repeal or delay taxes, including several aimed at wealthy families, under the 2010 health care law. Ways and Means Chairman Kevin Brady, R-Texas, on Tuesday promoted the tax cuts for wealthy families in the GOP's legislation to replace Obamacare and the new tax credits in the proposal as a harbinger of the across-the-board rate cuts envisioned by the House GOP in its tax overhaul. (Ota, 3/7)
The Wall Street Journal:
House Health Plan Explained: How The Tax Credit Would Work
House Republicans’ plan to repeal and replace parts of the 2010 Affordable Care Act would seek to help households purchase health insurance with a measure called an advanceable refundable tax credit. Here’s an explanation of how that would work, and how it differs from the existing law. (Rubin, 3/8)
The Washington Post:
What The GOP Health Plan Really Means For Taxes
The GOP proposal would also eliminate the complex web of tax increases established by Obamacare on people and companies — everything from tanning salons to medical device manufacturers — that help pay for benefits in the current law, like free breast cancer screenings, preventative care, and allowing people to remain on their parents’ insurance until the age of 26. They’d also help underwrite the cost of prohibiting insurers from banning those with pre-existing conditions. The combination of maintaining the most popular and well-known portions of Obamacare — and cutting taxes — is expected to cost the federal government as much as $600 billion over ten years, according to the non-partisan Joint Committee on Taxation. (Snell, 3/8)
CQ Roll Call:
House GOP Takes Aim At Obamacare Taxes
Here is a quick rundown of some of the taxes that would be repealed under the legislative package scheduled for markup on Wednesday. The information comes from the Ways and Means Committee’s section-by-section summary. If passed, most of these taxes would be repealed in 2018. (3/7)
