The following article by Alex Rowell and Ryan Erickson was posted on the Center for American Progress website June 16, 2017:
Republican health care plans, including the House-passed American Health Care Act (AHCA), would repeal taxes on the wealthy, including the Net Investment Income Tax (NIIT)—a tax on combined capital gain, dividend, and interest income applicable to individuals making more than $200,000 or couples filing jointly making more than $250,000 in adjusted gross income. This tax cut is paid for by eliminating health insurance coverage for millions of low- and moderate-income Americans. Approximately 90 percent of the benefit of repealing this tax goes to the top 1 percent of households.
Below is a table that shows estimates of the average tax cut for households earning more than $1,000,000 in annual adjusted gross income by state if proposals to eliminate the NIIT succeed. Continue reading “Cutting Insurance from Working Families to Give Tax Cuts to Millionaires”