Health Care Repeal Is a Stealth Tax Break for Millionaires

President Donald Trump signs a broadly-worded executive order directing agencies to scale back aspects of the Affordable Care Act, at the White House in Washington, Jan. 20, 2017. (Photo: Doug Mills / The New York Times)President Donald Trump signs a broadly-worded executive order directing agencies to scale back aspects of the Affordable Care Act, at the White House in Washington, January 20, 2017. (Photo: Doug Mills / The New York Times)

Great magicians are masters of diversion. They attract our attention with one hand while using the other to trick us into thinking a supernatural act is taking place.

But even the best street performers could learn a lesson from the folks in Congress who are trying to repeal the Affordable Care Act, also known as Obamacare.

When we talk about repealing Obamacare, we almost never talk about the windfall payday it would bring to multi-millionaires and billionaires. In fact, this massive tax cut is the proverbial card hiding in the sleeve of lawmakers pushing repeal.

A new study from the Center on Budget and Policy Priorities shows the 400 richest Americans, a group whose average annual income tops $300 million each, would get a combined annual tax cut of $2.8 billion if the Affordable Care Act is repealed.

In other words, people who already have more money than they could spend in a dozen lifetimes would get a massive pile of cash.

Meanwhile, those who make less than $200,000 per year — also known as “the rest of us” — would see no benefit. That’s because the two taxes that funded the expansion in health care coverage included as part of Obamacare don’t extend to these moderate-income households.

And many of us would do worse.

In fact, about 7 million low-income people would actually see their taxes go up if the law’s repealed, since they’d lose insurance premium tax credits that were enacted as part of the bill.

So, to be perfectly clear on this point, repealing Obamacare equals payday for the wealthiest households and higher taxes for the poorest households — millions of whom would also lose their health coverage.

Remember the story of Robin Hood? It’s just like that, but backwards.

Poll after poll shows Americans have no idea how concentrated wealth…

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