New Report: Wealthiest Stand To Gain If Health Care Law Overturned
Senator Collins’ Vote For GOP Tax Giveaway Opened the Door to Lawsuit threatening healthcare for Mainers
Senator Collins’ 2017 vote for the GOP tax giveaway was even better for the billionaires and special interests funding her campaign than was reported at the time. A new report from the Center on Budget and Policy Priorities has found that pharmaceutical companies and the wealthiest people in this country will reap billions in eliminated taxes and fees if the Affordable Care Act is overturned. Collins’ vote to pass the tax giveaway helped to spark the lawsuit that now threatens health care for tens of thousands of Mainers.
IN CASE YOU MISSED IT
By Berkeley Lovelace, Jr.
November 4, 2019
- The nation’s top 0.001%, the 1,409 U.S. households with annual incomes over $53 million, would receive a combined $3.8 billion in tax cuts if the law is overturned, according to the report.
- Most of these tax cuts would go to households with incomes over $1 million, who would receive tax cuts averaging about $46,000 apiece, according to the report.
- The pharmaceutical industry would also benefit.
- While the nation’s wealthiest taxpayers and pharmaceutical companies would benefit, the middle-class and poor would be at a disadvantage.