Millionaires Will Get $157 Billion In Tax Cuts If Republicans Repeal Obamacare [View all]

[Miles Archer]

http://www.huffingtonpost.com/entry/millionaires-will-get-157-billion-in-tax-cuts-if-republicans-repeal-obamacare_us_58c42fe3e4b054a0ea6b06d0?1q7vi5mi4eku766r&

According to that analysis, which the Joint Committee on Taxation prepared this week and which the New York Times obtained, shows households with incomes of more than $1 million will get tax cuts that, over the next decade, would add up to roughly $157 billion.

The money comes from two new closely related taxes that the Affordable Care Act imposed to help finance the law’s coverage expansion. These taxes affect wealthy individuals and families exclusively ― they apply only to households with incomes above $250,000 for joint filers and $200,000 for individuals.

Previous estimates have suggested that 97 percent of Americans do not pay the tax at all, but that for the very wealthiest Americans, including those millionaires, it is worth quite a lot.

In fact, the richest 400 families in America would get an average tax cut of $7 million per year, according an analysis that the Center on Budget and Policy Priorities published in January, based on earlier projections of what those taxes cost now.