GOP Health Care Bill Would Cut About $765 Billion In Taxes Over 10 Years

The Affordable Care Act took money from the rich to help pay for health insurance for the poor. The repeal bill passed by House Republicans would do the opposite.

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The Affordable Care Act took money from the rich to help pay for health insurance for the poor. The repeal bill passed by House Republicans would do the opposite.

retrorocket/Getty Images/iStockphoto

The health care bill passed by the House on Thursday is a win for the wealthy, in terms of taxes.

While the Affordable Care Act raised taxes on the rich to subsidize health insurance for the poor, the repeal-and-replace bill passed by House Republicans would redistribute hundreds of billions of dollars in the opposite direction. It would deliver a sizable tax cut to the rich, while reducing government subsidies for Medicaid recipients and those buying coverage on the individual market.

Tax hikes reversed

The Affordable Care Act, also known as Obamacare, is funded in part through higher taxes on the rich, including a 3.8 percent tax on investment income and a 0.9 percent

Article source: http://www.npr.org/2017/05/04/526923181/gop-health-care-bill-would-cut-about-765-billion-in-taxes-over-10-years?utm_medium=RSS&utm_campaign=affordablecareact

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