Wednesday, March 8, 2017

THIS FIRST TRUMPCARE BILL IS A 600 BILLION DOLLAR TAX CUT FOR THE WEALTHY

Feeling Rebloggy

To pay for its spending, Obamacare included several taxes on couples making more than $250,000, like a 3.8 percent surtax on investment income and a 0.9 percent surtax on wages. Last year, those levies brought in about $27 billion, according to Wall Street Journal analysis of IRS data.  
Repealing them would cost about $275 billion over the next decade; which is to say, it would transfer $275 billion from public-health spending to the richest 1 or 2 percent....
That’s not all. Many companies can deduct employee salaries as a business expense when they pay taxes. Obamacare included a provision ***that prevented insurance companies from deducting more than $500,000 of their top executives' salaries***, as a way of raising a little bit of revenue and discouraging ever-rising compensation for insurance executives.
Paul Ryan and the Original Gangstas

But the Republican [ TRUMPCARE ] scraps that provision, so that large insurance companies like Cigna and Aetna, which pay their CEOs more than $15 million, would find new tax savings.
Republicans have railed against many problems with the new health care law. But nobody is complaining about cutting taxes, because cutting taxes is the fundamental objective of Republican economics. This is not an explosively accusatory claim, but an objective description of policy...
~THE ATLANTIC