A new analysis by the Center on Budget and Policy Priorities shows the richest Americans would save billions if the ACA was repealed.
Specifically, according to CNBC, “The nation’s top 0.001%, the 1,409 U.S. households with annual incomes over $53 million, would receive a combined $3.8 billion in tax cuts if the law is overturned, according to the report.”
The savings largely come from taxes contained in the ACA that only impact wealthier individuals like the 3.8% Medicare surtax on net investment income for $200,000 for single filers and $250,000 for joint filers.
Not only that, but the most profitable healthcare companies would also save a considerable amount in ACA related taxes on specific healthcare industries as well (for example, the tax on medical device makers). With that said, the healthcare industry on the flip side would likely be negatively impacted by the over 20 million who would stand to lose coverage without access to the ACA’s cost assistance and Medicaid expansion.
In short, pros and cons aside, repealing the ACA and not replacing it (which is what the current lawsuit against the ACA would effectively do), would save the rich billions in taxes and leave tens of millions without coverage and many more without assistance options.
- Wealthy Americans will receive billions in tax cuts if Obamacare is overturned, new report says. cnbc.com.