congressionalbudgetoffice

The health-overhaul bill approved by House Republicans would leave 23 million more people uninsured while reducing the cumulative federal deficit by $119 billion in the next decade compared with current law, according to an estimate from the Congressional Budget Office.The CBO found the legislation would reduce the cumulative federal deficit by $119 billion over roughly the next decade. In early March, it reported an earlier version of the bill would cut the deficit by $337 billion over the next decadeThe House bill includes $662 billion in tax cuts, the Joint Committee on Taxation reported Wednesday. The largest tax cut, at $172 billion over a decade, would repeal a 3.8% tax on investment income of individuals with income over $200,000 and married couples with incomes over $250,000. The bill would make that tax cut retroactive to Jan. 1. WSJ

H.R. 1628, American Health Care Act of 2017 https://www.cbo.gov/publication/52752   https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/hr1628aspassed.pdf

The nonpartisan Tax Policy Center projects:."The effects are really very dramatic. We found that a typical middle-income family would get a tax cut averaging about $300, while people in the top 0.1 percent would get a tax cut of about $207,000," Howard Gleckman, a senior fellow at the nonprofit research group, said on Monday. (tpc.io/2n1Mdwi)

The expected benefits equal 2.6 percent of a wealthy family's after-tax income, but only 0.5 percent of the income of a middle-class household making $51,600 to $89,400 a year, including fringe benefits like employer-provided health insurance, the center estimated. The top 0.1 percent of U.S. families have income of at least $3.9 million.