Trump Tax Cut Passed The House. It’s Now In The Hands of the Senate. How big was the tax cut?

The American Health Care Act (HR 1628) passed by the House today reduces taxes on the American people by $1.489 trillion. The bill abolishes the following taxes imposed by Obama and the Democrat party in 2010 as part of Obamacare:

1. -Abolishes the Obamacare Individual Mandate Tax which hits 8 million Americans each year.

2. -Abolishes the Obamacare Employer Mandate Tax. Together with repeal of the Individual Mandate Tax repeal that’s a $270 billion tax cut.

3. -Abolishes Obamacare’s Medicine Cabinet Tax which hits 20 million Americans with Health Savings Accounts and 30 million Americans with Flexible Spending Accounts. This is a $6 billion tax cut. Sub-total,  $276 billion.

4. -Abolishes Obamacare’s Flexible Spending Account tax on 30 million Americans. This is a $20 billion tax cut. Sub-total, Sub-total, $296 billion

5. -Abolishes Obamacare’s Chronic Care Tax on 10 million Americans with high out of pocket medical expenses. This is a $126 billion tax cut. Sub-total, $422 billion.

6. -Abolishes Obamacare’s HSA withdrawal tax. That’s a $100 million tax cut. Sub-total, $522 billion

7. -Abolishes Obamacare’s 10% excise tax on small businesses with indoor tanning services. That’s a $600 million tax cut. Sub-total, $1,022 billion or $1.122 Trillion

8. -Abolishes the Obamacare health insurance tax. This is a $145 billion tax cut.Sub-total, $1.267 trillion

9. -Abolishes the Obamacare 3.8% surtax on investment income. This is a $172 billion tax cut. Sub-total, $1.439 trillion

10. -Abolishes the Obamacare medical device tax. This is a $20 billion tax cut. Sub-total, $1.459 trillion

11. -Abolishes the Obamacare tax on prescription medicine. This is a $28 billion tax cut.Sub-total, $1.487 trillion

12. -Abolishes the Obamacare tax on retiree prescription drug coverage. This is a further $2 billion tax cut. Sub-total, $1.489 trillion dollars.

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