The Stand

Trumpcare analysis: 344,000 will lose coverage in Washington, while wealthy get $62K tax cut

Print Friendly

WASHINGTON, D.C. (June 20, 2017) — If the Republican health care bill known as Trumpcare becomes law, 344,400 people in Washington state will lose health insurance coverage by 2026, while an average of more than $62,000 in annual tax breaks will go to 8,160 households in the state with incomes higher than $1 million per year, according to a new analysis. The Center for American Progress Action Fund released a new state-by-state study showing how the Republican health care plan will provide massive tax cuts to wealthy American households while stripping health care from more thanĀ 20 million Americans.

Rep. Cathy McMorris Rodgers (R-5th) was the only member of Congress from either party in Washington state who voted for the legislation, which narrowly passed the House 217-213. Senate Republicans have been secretly negotiating their version of the same bill, which they have yet to make public, but plan to vote upon as soon as next week.

Republican health care plans, including the House-passed American Health Care Act (AHCA), would repeal taxes on the wealthy, including the Net Investment Income Tax (NIIT) — a tax on combined capital gain, dividend, and interest income applicable to individuals making more than $200,000 or couples filing jointly making more than $250,000 in adjusted gross income. This tax cut is paid for by eliminating health insurance coverage for millions of low- and moderate-income Americans. Approximately 90 percent of the benefit of repealing this tax goes to the top 1 percent of households.

Below is a table that shows estimates of the average tax cut for households earning more than $1,000,000 in annual adjusted gross income by state if proposals to eliminate the NIIT succeed.

Short URL: http://www.thestand.org/?p=58723

Posted by on Jun 20 2017. Filed under NATIONAL. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Comments are closed

WASHINGTON IS A UNION STATE!

Union membership is on the rise here in Washington state. CLICK HERE to find out why, and how YOU can get started forming a Union at your workplace!

WHAT’S HAPPENING

Archives

Log in | Designed by Gabfire themes