Wild
It's actually nuts how much money is among the wealthiest of the richest citizens.
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.
A ruling against the health law would also eliminate a 3.8% Medicare surtax on net investment income for high-income filers — $200,000 for single filers and $250,000 for joint filers.
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. Obamacare collects an annual fee from pharmaceutical companies that sell branded prescription drugs.
While the nation's wealthiest taxpayers and pharmaceutical companies would benefit, the middle-class and poor would be at a disadvantage. About 25 million Americans may be left uninsured if the law is struck down in its entirety, including those insured through Obamacare's Medicaid expansion.
It's actually nuts how much money is among the wealthiest of the richest citizens.