Obamacare Repeal Pushed by Trump Would Give Millionaires $2.8 Billion

The Trump administration announced in June that it would help try to overturn the Affordable Care Act through the courts. This move would strip coverage from an estimated 20 million people, while throwing markets into chaos, removing insurance subsidies and increasing costs for millions of Americans.

Obamacare also imposed taxes on the wealthy to help pay for subsidies, and its repeal would give billions to the wealthiest Americans. The richest 400 families, with average incomes of $300 million per year, would receive an annual tax cut of $7 million per year. Those households with modest annual incomes of just over $1 million would receive about $42,000 a year in tax cuts.

Households earning less that $200,000 per year would see no tax benefit — just a likely increase in premiums.