The poorest Americans would be hit hard by the GOP bill to repeal Obamacare, according to a new Urban Institute report. - From CNNMoney
At the same time, the richest households would receive a tax break of $5,640 a year, according to the study conducted by the Urban Institute and the Urban-Brookings Tax Policy Center, which looks at the impact on families with different incomes in 2022.
The legislation, which is expected to be voted on Friday, would hit those making less than $10,000 a year so hard because these folks receive hefty amounts of government assistance from Obamacare.
Many benefit from the expansion of Medicaid to low-income adults, while those who earn just a bit more receive generous subsidies that lower their premiums, deductibles and co-pays.
On the flip side, the House bill would jettison two taxes that fall on individuals making more than $200,000 and couples making more than $250,000, starting this year.
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