Repealing ACA ends many taxes

Repealing ACA ends many taxes

On May 10, there was a letter that stated the only tax that would end with the repeal of Obamacare is the 3.8 percent tax on the wealthy. That is not accurate.

Here is a list of the taxes that will be cut for Americans of every socioeconomic category under the legislation that the House sent to the Senate:

1) Individual mandate tax which hits 8 million Americans each year.

2) Employer mandate tax, together with repeal of the individual mandate, a $270 billion tax cut.

3) Health savings account withdrawal tax, a $100 million tax cut.

4) The 10 percent excise tax on small businesses with indoor tanning services, a $600 million tax cut.

5) Health insurance tax, a $145 billion tax cut.

6) The 3.8 percent surtax on investment income, a $172 billion tax cut.

7) Medical device tax, a $20 billion tax cut.

8) Tax on prescription medicine, a $28 billion tax cut.

9) Medicine cabinet tax which hits 20 million Americans with health savings accounts, a $6 billion tax cut.

10) Flexible spending account tax on 30 million Americans, a $20 billion tax cut.

11) Chronic care tax on 10 million Americans with high out-of-pocket medical expenses, a $126 billion tax cut.

12) The tax on retiree prescription drug coverage, a $2 billion tax cut.

This list comes from economist Martin Armstrong and recently appeared in an article he wrote about the repeal of Obamacare.




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