Top 0.1% of earners would get a $207,000 tax cut under GOP plan to repeal Obamacare

The proposed repeal of taxes that were put in place to fund Obamacare would give America’s top earners the biggest tax cut.

 

According to an analysis by the nonpartisan Tax Policy Center, the health-care bill introduced by House Republicans last week would give the top 1 percent of earners a cut worth about 2 percent of their after-tax incomes. That shakes out to an average of $37,240 per year. The Tax Policy center defines the top 1 percent of Americans as those making more than $772,000.

The top 0.1 percent of earners, those making $3.9 million or more, would fare even better. They would see their taxes cut by 2.6 percent, or an average $207,390.

 

The middle 20 percent of earners, who make between $52,600 and $89,400, would see a tax cut of just 0.5 percent — or about $300 a year. The lowest earners, or those in the bottom 20 percent, would receive an average reduction of $150, or 0.9 percent.

“The bottom line is that while everyone gets a tax cut, they are more favorable to the rich than those at the bottom,” said Roberton Williams of the Tax Policy Center.

Original article: http://www.cnbc.com/2017/03/14/top-01-of-earners-would-get-a-207000-tax-cut-under-gop-plan-to-repeal-obamacare.html

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