Since this scoring is so complicated, let me simplify the scoring to get to its core.
Let me just lay out the very large dollar items.
The US lower income people got socked with $880 Bil of reduced Medicaid Benefits and with another $673 Bil due to the elimination of their Subsidies they receive when buying Non-Group Health Insurance, both amounts for the next 10 years.
Thus, US lower income people got hammered by $1.553 Tril over the next 10 years with Trumpcare.
So, what did Paul Ryan, Tom Price and Donald Trump in Trumpcare decide to do with this $1.553 Tril?
First, $592 Bil of it was used for tax cuts, nearly all of which go to the US very wealthy. The details of this $592 Bil of total tax cuts is not explained very well by either the CBO or by the JCT. But after spending a lot of time analyzing it, let me explain most of the larger dollar items:
- $158 Bil is to reduce investment taxes on the richest US citizens
- $145 Bil is to eliminate the health insurance tax of Health Insurance Corporations. This $145 Bil of tax benefits will effectively be reflected in bottom-line earnings and thus also in a substantial increase in the Stock Market Prices of these large Health Insurance Corporations, with the overwhelming majority of these stocks being held by the US wealthy and very wealthy
- $117 Bil is to reduce Medicare Tax on the richest US citizens
- $49 Bil is to eliminate the so-called Cadillac or Goldman Sachs tax on clearly luxurious employee health insurance premiums and health plan benefits, with the overwhelming majority of this tax cut going to the very wealthy
- $35 Bil is to increase the itemized income tax deduction amount for medicare care deductions, with the overwhelming majority of this income tax going to the wealthy and to the very wealthy
- $25 Bil is to eliminate the income tax on prescription medications of Drug Companies. This $25 Bil of tax benefits will effectively be reflected in bottom-line earnings and thus also in an increase in the Stock Market Prices of these large Drug Corporations, with the overwhelming majority of these stocks being held by the US wealthy and very wealthy
- $20 Bil is to eliminate the excise tax on Medical Device Corporations. This $20 Bil of tax benefits will effectively be reflected in bottom-line earnings and thus also in an increase in the Stock Market Prices of these large Medical Device Corporations, with the overwhelming majority of these stocks being held by the US wealthy and very wealthy
- $19 Bil is to increase the amount of tax-advantaged contributions to Flexible Spending Accounts, with the overwhelming majority of this income tax benefit going to the wealthy and to the very wealthy
- Another $19 Bil is to increase income tax deductions for Health Savings Accounts, with the overwhelming majority of this income tax benefit going to the wealthy and to the very wealthy
When I put it altogether, my best assessment is that 90% to 95%, or $533 Bil to $562 Bil, of this $592 Bil of Total Income Tax Cuts under Trumpcare are going the wealthy and predominately to the very wealthy.
Second, $361 Bil of it was granted as new tax credits for buying health insurance.
Third, $337 Bil of it was used to reduce the US Deficit. In other words, Trumpcare reduces the US Deficit by $337 Bil solely on the backs of the US lower income US citizens, with not a dime coming from the US wealthy.
Fourth, $210 Bil of it was used to pay for the tax revenues the US Government loses due to eliminating the penalties that were paid by Uninsured People and Employers.
And fifth, a net of $53 Bil for numerous items to get to the total of $1.553 Tril.
