Mr. Taylor did a great job in his letter on Saturday of explaining many of the issues around the Republican proposal to overturn the Affordable Care Act (ACA). The area Mr. Taylor didnít address is the financial gain for the 1 percent, which will go into effect immediately while we wait to see what the Republicans decide a replacement might be.
The Democrats, in passing the ACA made sure that the costs of expanded healthcare was covered so that there wouldnít be an increase in the National Debt. Those tax changes included refundable tax credits to those making between $10,000 and $75,000. Ending those immediately means a tax increase for this group.
The good news for those earning above $250,000 for a couple or $200,000 for an individual is the elimination of the .9 percent extra Medicare tax and the 3.8 percent surtax on unearned income. For the 1 percent that is an average savings of $33,000 per year. For the really, really rich, the 0.1 percent it means a tax savings of $154,000 per year.
So may cooler heads prevail among the Republicans? Thatís hard to believe when the payoff to the 1 percent is so great.