12 taxes abolished by the GOP Repeal-and-Replace Bill
Today, the House of Representatives passed a modified version of their repeal-and-replace plan that died a few weeks ago. The good news: look at all the taxes it will abolish, assuming the Senate also approves the bill…
One site counts up the taxes and claims the value of tax cuts is around $1 trillion:
The American Health Care Act (HR 1628) passed by the House today reduces taxes on the American people by over $1 trillion. The bill abolishes the following taxes imposed by Obama and the Democrat party in 2010 as part of Obamacare:
-Abolishes the Obamacare Individual Mandate Tax which hits 8 million Americans each year.
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-Abolishes the Obamacare Employer Mandate Tax. Together with repeal of the Individual Mandate Tax repeal this is a $270 billion tax cut.
-Abolishes Obamacare’s Medicine Cabinet Tax which hits 20 million Americans with Health Savings Accounts and 30 million Americans with Flexible Spending Accounts. This is a $6 billion tax cut.
-Abolishes Obamacare’s Flexible Spending Account tax on 30 million Americans. This is a $20 billion tax cut.
-Abolishes Obamacare’s Chronic Care Tax on 10 million Americans with high out of pocket medical expenses. This is a $126 billion tax cut.
-Abolishes Obamacare’s HSA withdrawal tax. This is a $100 million tax cut.
-Abolishes Obamacare’s 10% excise tax on small businesses with indoor tanning services. This is a $600 million tax cut.
-Abolishes the Obamacare health insurance tax. This is a $145 billion tax cut.
-Abolishes the Obamacare 3.8% surtax on investment income. This is a $172 billion tax cut.
-Abolishes the Obamacare medical device tax. This is a $20 billion tax cut.
-Abolishes the Obamacare tax on prescription medicine. This is a $28 billion tax cut.
-Abolishes the Obamacare tax on retiree prescription drug coverage. This is a $2 billion tax cut.
BAD AND UGLY
The bill also strips funding from Planned Parenthood for one year. They receive approximately $500 million in federal tax money annually, which is about a third of their total budget. The abortion clinic has been receiving federal money since 1970, after President Nixon signed into law the Family Planning Services and Population Research Act. This means the move will likely be reversed when the Democrats return to power.
This will be a blessing and a curse for Trump. If Trumpcare sails through Congress, he will have redeemed himself and shown that he can, in fact, make good on his campaign promises.
On the other hand, when Trumpcare begins failing, then the Democrats will do to Trump and the Republicans what they have been doing to Obamacare: stick it to them.
When Democrats return to power, we can then expect another round of healthcare reform. It won’t be pretty.