First Class Citizens set to receive Tax exemptions Under GOP health-care plan As Trump moves to capital Hill

First Class Citizens set to receive Tax exemptions Under GOP health-care plan As Trump moves to capital Hill

President Donald Trump delivers remarks U.S. President Donald Trump delivers remarks at the American Center for Mobility, a test facility for driverless car technology for American Manufactured Vehicles in Ypsilanti Township, Michigan, March 15, 2017.

First Class Citizens set to receive Tax exemptions Under GOP health-care plan As Trump moves to capital Hill

  

First Class Citizens set to receive Tax exemptions Under GOP health-care plan As Trump moves to capital Hill .Republicans are battling to make their plan for repealing and replacing Obamacare more acceptable to older Americans and low-income families.

But in the 21 pages changes to the bill that lawmakers released Monday night, the overwhelming  class was noted: rich Americans.

The last amendments on the list bring to an end Obamacare taxes this year instead of in 2018, a measure of success for conservatives who have criticized the Republican leadership for not phasing out the law fast enough according to CNBC news.

In one assumption Obama care taxes aims about 0.9 percent Medicare payroll tax on high-income earners. This applies to households making more than $200,000 and couples earning more than $250,000. The Tax Policy Center estimates measures that 99 percent of households won’t be affected by this move. But the top 1 percent rich Americans will enjoy an average tax cut of $7,300.

Another Obamacare tax that takes a giant stride on the bank accounts of the rich is the tax on net investment income, or money earned outside of salary or wages. This is different from the capital gains tax and was estimated to cost the top 1 percent of American households an average of nearly $25,000 a year, according to Report on the CNBC news.

READ Also  Fuel subsidy to go 2016, FG will sell petrol at N97 per litre

Summing up those two tax cuts alone will return an average of $33,000 annual savings  to the pulse of  the richest Americans . That is ranked with an average of $180 for all households, the Tax Policy Center estimates.

Tell us what you think