There’s a lot of Common Core math to be had with the GOP Health Plan and the majority of pro/con to it ain’t gonna happen for another 4 years – PB/TK
What does the Republican health plan mean for your taxes? – By MoneyWatch March 13, 2017
Much of the early response to Republican lawmakers’ plan to repeal and replace Obamacare has understandably centered on the bill’s potential impact on participants in the federal health insurance program. But advocates of the American Health Care Act also face another challenge: convincing people that they’re not getting a raw deal as taxpayers.
A range of analysis, from health industry experts, economists and other researchers, conclude that the House bill creates large tax breaks for the wealthiest Americans, while middle- and low-income families may see no tax relief and much higher price tags for health insurance. Here’s a look at how the plan, should it ever wind up as law, affect tax policy:
Tax repeals. Starting next year, the House bill would repeal two Affordable Care Act (ACA) revenue producing taxes: The hospital insurance tax and the Medicare tax on unearned income. Only individuals with incomes above $200,000 ($250,000 for married couples) pay these taxes. Families with annual incomes up to $200,000 wouldn’t see any break in their tax bill, according to a recent report from the Center on Budget and Policy Priorities. Millionaire households, however, would see a tax cut of around $50,000 a year, giving them an after-tax income boost of about 2 percent, the liberal-leaning think-tank noted.
In addition to these rollbacks, the House bill calls for the elimination of all but one of the other taxes used to fund Obamacare, including taxes charged to insurance providers, pharmaceutical companies and medical device manufacturers. The bill would even eliminate the 10 percent sales tax charged at indoor tanning salons, according to a report from tax services firm Wolters Kluwerk. The so-called Cadillac tax on high-cost, employer-sponsored health plans would remain, but would be delayed until 2025.
Continue to cbsnews.com article: http://www.cbsnews.com/news/what-does-the-republican-health-plan-mean-for-your-taxes/
