Wealthy Americans will receive billions in tax cuts if Obamacare is overturned, new report says

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Wealthy Americans will receive billions in tax cuts if Obamacare is overturned, new report says
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Overturning Obamacare would eliminate several taxes imposed on the rich to help pay for the law's expansion, a new analysis shows.

The rich will likely receive billions in tax cuts if the health-care law is overturned, according to a new analysis from the Center on Budget and Policy Priorities.

That's because overturning Obamacare would eliminate several taxes that were imposed to help pay for the law's expansion, including a 0.9% Medicare tax on single Americans who earn more than $200,000 a year or couples who make $250,000, the report said. The pharmaceutical industry would also benefit. Obamacare collects an annual fee from pharmaceutical companies that sell branded prescription drugs.

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