ATF in the News · July 12, 2017

USA Today: ATF: President Trump could get $2.8M tax cut with Obamacare tax repeal

From USA Today: The elimination of an Affordable Care Act tax could result in a personal tax cut for President Trump of between $1.4 million and $2.8 million a year, according to a liberal advocacy group.

Americans for Tax Fairness said the elimination of the 3.8% net investment income tax would, by its estimates, result in the big cut. The group based its estimates on Trump’s financial disclosure form.

The tax in question was enacted as part of ACA and applies to individuals with a net investment income of $200,000 or more. That income is defined as rental income, interest, dividends and capital gains.

“We’ve known all along that the Republican health care repeal plans would make massive cuts to Medicaid to pay for huge tax breaks for the wealthy, while more than 20 million Americans will lose access to health care,” group executive director Frank Clemente said in a statement. “Now we know how much President Trump stands to benefit personally if Republicans eliminate just one tax on the wealthy under the Affordable Care Act.”

Trump’s own tax proposal included the elimination of this tax, as did the legislation passed by the House in May to repeal and replace Obamacare.

The Senate’s proposed health care overhaul would also eliminate the tax, but at least one senator has said the tax may be left intact as Republican leaders try to get enough votes for the legislation to pass.

This article appeared in USA Today.