Republicans don’t like taxes, Hey who does? Perhaps those who want to spend somebody else’s money I guess. The problem is that even the so-called 1% even 5% don’t have enough money to meet the social commitments some politicians would like to make, but that truth doesn’t play well on college campuses or Sanders rallies🤥
It’s almost like there is no connection between taxes and spending. Here is another example. Republicans want to repeal all these taxes (as a strategy to remove Obamacare funding) with little regard for replacing the revenue they currently create.
The sad truth appears to be that as Democrats are claiming, these changes benefit mostly upper middle class and above Americans and perhaps at the expense of average folks. 😟.
But remember, these taxes we only created by Obamacare in the first place.
Repealing Revenue Provisions The W&M bill repeals a host of ACA tax provisions including:
The $500,000 limit on business expense deductibility for compensation to insurance executives;
The tanning tax;
The branded prescription drug tax;
The health insurance tax;
The Medicare tax imposed on unearned income on taxpayers earning more than $200,000 ($250,000 for joint filers);
The “Cadillac” plan tax (which reappears in 2025, apparently to satisfy Senate prohibitions on reconciliation provisions that increase out-year deficits);
The prohibition against paying for over-the-counter medications with tax subsidized funds from health savings accounts (HSAs), Archer MSAs, or flexible spending or health reimbursement arrangements;
The ACA’s increase in the penalty for the use of HSA and Archer MSA funds for non-medical purposes (reducing the penalty from 20 to 10 percent for HSAs and 20 to 15 percent for MSAs);
The $2500 limit on contributions to flexible spending accounts;
The medical device excise tax;
The requirement that employers reduce their deduction for expenses allowable for retiree drug costs without reducing the deduction by the amount of retiree drug subsidy;
The increase in the level of medical expenses that must be incurred to claim a tax deduction, reducing the level back from 10 percent to 7.5 percent;
The repeal of the ACA’s Medicare .9 percent tax surcharge on taxpayers with incomes exceeding $200,000 ($250,000 for joint filers). These taxes are repealed as of the end of 2017.
In 2015, CBO estimated that the repeal of these taxes would result in the loss of over a trillion dollars in revenue over ten years. It is hard to see in the absence of a CBO report how the repeal bill makes up for this lost revenue, other than by cutting Medicaid spending.