GOP Health Plan: Tax Cuts for Rich; Hits Older People Hard
The House Republican health care plan provides big tax cuts for wealthy families and insurance companies, but it hits older people hard.
Many older Americans would face higher health insurance premiums and smaller tax credits to help obtain coverage.
In all, the bill provides $883 billion in tax relief by repealing almost all of the taxes enacted under President Barack Obama’s health law.
That’s according to the nonpartisan Joint Committee on Taxation, the official tax scorekeeper for Congress.
The vast majority of those taxes targeted the families with high incomes.
Wealthier households would also benefit under the GOP plan because the credits used to obtain coverage are available to people with higher incomes.
The tax credits in Obama’s law aimed to help low- to moderate-income families.
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