Republicans are on the fast-track to repealing Obamacare and throwing Americans off their life saving healthcare. But in the process of sticking it to middle class once again, Republicans are using their Obamacare replacement to give more money to rich people.
Republicans are giving away $400 million in tax cuts to CEOs of insurance companies, according to language buried deep in their proposed plan.
Democrats on Wednesday broadly blasted a proposed Obamacare replacement bill after learning the federal government would lose about $400 million in lost tax revenue over the next decade due to a sweet break for health insurers.
Rep. Sander Levin, D-Mich., said that the tax break related to executive pay underscores the fact that the Republican replacement bill is “the beginning of a huge giveaway to the very, very wealthy,” and the end of insurance coverage to millions of lower-income people.
“We’re starting off… with essentially a giveaway to insurance executives,” Levin said.
The proposed tax break, buried in cryptic language in the Republican plan, would allow health insurers to more fully deduct the value of their executives’ compensation on their taxes. That compensation can be as high as tens of millions of dollars, in the case of CEOs of insurers.
The presidential election is in full swing and tonight, the best the Republicans have to offer will strut their stuff on a stage provided by Fox News. It should be a spectacle. But Democratic candidate for president, Bernie Sanders, is making a pretty good guess as to what will happen when the repubs take the stage – appeasing the rich.
“When you watch that debate just imagine if you are one of the wealthiest people in this country and extremely greedy and selfish, and you’re going to have 10 candidates more or less talking about your needs and not the needs of working people,” Sanders said in a recorded interview with Ari Rabin-Havt on SiriusXM’s Progress Channel.
Sanders continued; “They want to give more tax breaks to millionaires and billionaires at a time when the rich are getting much richer,” Sanders said. “They want to cut or privatize Medicare, cut Medicaid, cut education, cut the environmental protection agency.”
I must say, I do believe Sanders is correct. The party of the rich is only interested in one thing, and that is finding ways to give more to the rich. And that has nothing to do with the poor or middle class. The sad thing is the poor and middle class are the ones who putting these people in office.
This, despised the fact that Republicans and those in the top 10 percent huddle together to convince low information Americans that President Obama is waging a war on the rich.
New data is out from the IRS, showing the share of federal income taxes paid by those in each economic strata. Bruce Bartlett points out that the richest Americans have seen their share of taxes declining rather significantly under Obama. Specifically, the richest 1% paid 37.5% of taxes in (recession-damaged) 2008; in 2011, their share was down to 35%. (Their share peaked in 2007, during the boom times—and the Bush administration.) The top 5% of earners also saw their share of taxes decline by a similar margin. So, under the first three years of the Obama administration, the very rich saw their share of taxes go down. This is the class warfare that Republicans are always complaining about.
This is happening, remember, during a time with a disparity between the rich and poor that has not been seen since the Gilded Age. This is not the legacy that Obama wants to leave. Two easy ways to address this worrisome trend are to cut or abolish the (highly regressive) payroll tax and to just go ahead and tax the hell out of absurdly high incomes. Also, tax investment income, which flows mostly to the rich, as what it is: income.
Obama says all the right things. In his speech, he said that this issue “drives everything I do in this office.” Fine. I hope it shows up in the numbers next year.
After his reelection on Tuesday, President Obama continued his push to take this country forward. He continued his call to Congress to extend the tax cuts for 98% of Americans, while allowing taxes on the rich to go back to what they were under President Bill Clinton.
Last year, I worked with Democrats and Republicans to cut a trillion dollars’ worth of spending, and I intend to work with both parties to do more. But as I said over and over again on the campaign trail, we can’t just cut our way to prosperity. If we’re serious about reducing the deficit, we have to combine spending cuts with revenue – and that means asking the wealthiest Americans to pay a little more in taxes. That’s how we did it when Bill Clinton was President. And that’s the only way we can afford to invest in education and job training and manufacturing – all the ingredients of a strong middle class and a strong economy.
Already, I’ve put forward a detailed plan that allows us to make these investments while reducing our deficit by $4 trillion over the next decade. Now, I’m open to compromise and new ideas. But I refuse to accept any approach that isn’t balanced. I will not ask students or seniors or middle-class families to pay down the entire deficit while people making over $250,000 aren’t asked to pay a dime more in taxes. This was a central question in the election. And on Tuesday, we found out that the majority of Americans agree with my approach – that includes Democrats, Independents, and Republicans.
WASHINGTON (AP) — As the income gap between rich and poor widens, a majority of Americans say the growing divide is bad for the country and believe that wealthy people are paying too little in taxes, according to a new survey.
The poll released Monday by the Pew Research Center points to a particular challenge for Republican presidential candidate Mitt Romney, whose party’s policies are viewed by a wide majority as favoring the rich over the middle class and poor.
The poll found that many Americans believe rich people to be intelligent and hardworking but also greedy and less honest than the average American. Nearly six in 10, or 58 percent, say the rich don’t pay enough in taxes, while 26 percent believe the rich pay their fair share and 8 percent say they pay too much.
Even among those who describe themselves as “upper class” or “upper middle class,” more than half — or 52 percent — said upper-income Americans don’t pay enough in taxes; only 10 percent said they paid too much.