The House Republicans' health care bill adds up to big tax cuts for the rich.
The bill would cut more than 20 taxes enacted under President Barack Obama's heath law, saving taxpayers nearly $600 billion over the next decade. The bulk of the money would go to the wealthiest Americans.
Repealing the Medicare tax would also speed up the depletion of the Medicare trust fund. It would run out of money in 2025 instead of 2028, as is currently projected, said Sen. Ron Wyden of Oregon, the top Democrat on the Senate Finance Committee.
Wyden said that "breaks a clear Trump promise not to damage Medicare."
The biggest tax cut would eliminate a 3.8 percent tax on investment income for high-income individuals and families. Eliminating the tax would save these taxpayers $158 billion over the next decade, according to the nonpartisan Committee on Taxation, the official scorekeeper for Congress.
About 90 percent of the benefit from repealing the tax would go to the top 1 percent of earners, who make $700,000 or more, according to the nonpartisan Tax Policy Center.
One of the main things that shifted in 2016 from when Obama got elected: many white, unionized, blue-collar workers-- mainly in the "Rust Belt" states shifted from voting Democratic to voting Republican. That's what changed the outcome from electing a Democrat (Obama) to electing a Republican (Trump).
Those folks were lifelong Democrats, but many were out of a job because of factory closings and/or layoffs. So they decided to give trump a chance. He said he'd help the working class, and they believed him.
But IMO, little by little they will begin to realize they've been lied to. And that demographic (white, blue collar people who traditionally been Democrats) will turn against him.
We might not see the full impact of that shift back to the Democrats 'till the next elections-- the midterm elections in 2018. But there's a good chance the Republicans will suffer a big defeat in 2018....
Prediction: The Republican attempt to pass any bill to Replace Obamacare will fail, due to opposition from both Republican Conservatives as well as lobbies of Senior citizens groups.
Repealing the Medicare tax would also speed up the depletion of the Medicare trust fund. It would run out of money in 2025 instead of 2028, as is currently projected, said Sen. Ron Wyden of Oregon, the top Democrat on the Senate Finance Committee.
Wyden said that "breaks a clear Trump promise not to damage Medicare."
The biggest tax cut would eliminate a 3.8 percent tax on investment income for high-income individuals and families. Eliminating the tax would save these taxpayers $158 billion over the next decade, according to the nonpartisan Committee on Taxation, the official scorekeeper for Congress.
About 90 percent of the benefit from repealing the tax would go to the top 1 percent of earners, who make $700,000 or more, according to the nonpartisan Tax Policy Center.
If the idiots that voted for him didn't see this coming, being called blind would be an understatement.
One of the main things that shifted in 2016 from when Obama got elected: many white, unionized, blue-collar workers-- mainly in the "Rust Belt" states shifted from voting Democratic to voting Republican. That's what changed the outcome from electing a Democrat (Obama) to electing a Republican (Trump).
Those folks were lifelong Democrats, but many were out of a job because of factory closings and/or layoffs. So they decided to give trump a chance. He said he'd help the working class, and they believed him.
But IMO, little by little they will begin to realize they've been lied to. And that demographic (white, blue collar people who traditionally been Democrats) will turn against him.
We might not see the full impact of that shift back to the Democrats 'till the next elections-- the midterm elections in 2018. But there's a good chance the Republicans will suffer a big defeat in 2018....
Prediction: The Republican attempt to pass any bill to Replace Obamacare will fail, due to opposition from both Republican Conservatives as well as lobbies of Senior citizens groups.