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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums#WealthyCare is nothing more than a tax cut for 1%'ers, which is all Republicans care about
Trump Just Got Schooled on Tax Policy by Somebody WAY Richer Than He IsWhen somebody worth $65.5 billion talks about taxes and financial policy, most people listen because its fairly easy to conclude the person doing the talking knows what theyre talking about. When that somebody is Warren Buffett, everyone listens.
At the annual Berkshire Hathaway shareholders meeting, mega-investor Buffett, currently ranked at number three on the Forbes 400 list of the worlds richest people, explained why the American Health Care Act is bad policy for working-class Americans.
It [Trumpcare] is a huge tax cut for guys like me, Buffet said.
The billionaire business mogul went on to explain, And when theres a tax cut, either the deficit goes up or they get the taxes from somebody else. That is a problem this society is having trouble with and is going to have more trouble with.
As if Warren Buffett needed to be fact-checked, his remarks are accurate. Under the version of the American Health Care Act passed last week in the House of Representatives, most of the taxes enacted to pay for the healthcare subsidies under the Affordable Care Act (more commonly known as Obamacare) would be eliminated.
The taxes in question are proportionate to income, which means the wealthiest Americans are currently being required to pay more to subsidize health coverage for those who cannot afford it. Because more people with coverage equates to fewer uninsured patients whose costs are then distributed among the insured anyhow, the premise is that overall costs should decrease.
The specific taxes being targeted by Trumpcare are a 0.9 percent payroll tax on earnings and the other is a 3.8 percent tax on net investment income for any individual making over $200,000 or a couple making more than $250,000 per year. According to The Tax Policy Center, eliminating these taxes on the wealthy will cost approximately $274.9 billion from 2017 to 2026.
Buffett further explained the need to keep American healthcare costs at competitive levels, describing the costs as the tapeworm of American economic competitiveness.
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#WealthyCare is nothing more than a tax cut for 1%'ers, which is all Republicans care about (Original Post)
L. Coyote
Jun 2017
OP
Pisses me off when I see people HERE using this "Better Care" bullshit name. I'm
Squinch
Jun 2017
#5
Squinch
(50,955 posts)1. According to Al Franken, the huge tax cuts to those 400 billionaires would
pay for Medicaid for 750,000 of the people who will be kicked off the rolls.
L. Coyote
(51,129 posts)2. And this is simply termed "mean" instead of homicide.
Squinch
(50,955 posts)4. I am terrified about the effect this will have.
R B Garr
(16,954 posts)3. OMG! WealthyCare is a brilliant name!
That is absolutely brilliant. Haven't seen that before, or I haven't seen it in use until now. Wow! Says it all.
Squinch
(50,955 posts)5. Pisses me off when I see people HERE using this "Better Care" bullshit name. I'm
going to use BillionaireCare.
R B Garr
(16,954 posts)7. Absolutely! Let's call it what it is.
L. Coyote
(51,129 posts)9. Share this post in social media and Twitter, put #WealthyCare out there.
L. Coyote
(51,129 posts)6. Sen. Warren: kicks 22 million people off insurance to deliver $569 billion in tax giveaways to rich
Gothmog
(145,321 posts)8. This is a tax cut for the rich bill
Madam45for2923
(7,178 posts)10. WealthyCare is the perfect name!
L. Coyote
(51,129 posts)11. #DearKellyanne .... LOL ... and yet NOT funny.