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Monday, January 9, 2017

Misers

Forbes ran an article in December anticipating the Obamacare repeal from a tax policy perspective. Well worth a read, especially if this isn't your area of expertise and so require some familiarity with stakes. Some highlights:
"Immediately repealing the tax aspects of Obamacare will put an average of $33,000 in the hands of the richest 1% in 2017."
But
"those earning between $10,000 and $75,000 per year will actually see their tax bills increase if the Obamacare taxes are immediately repealed."
The kicker:
"In total, the immediate repeal of the Obamacare taxes will amount to a $350 billion tax cut for the richest 1% of taxpayers over the next ten years."
While these numbers seem high, an $33'000 per 1%'er per year is chump change. Let that sink in: These misers are going to exacerbate the suffering and directly cause the death and of 100s of thousands of people just for an extra $33'000 a year. Simply awful.