Plan would give wealthy $52G break

WASHINGTON — Millionaires would get tax cuts averaging $52,000 a year from the Senate Republicans’ health bill while middle-income families would get about $260, a new analysis found.

The analysis was done by the nonpartisan Tax Policy Center. It found that half of the tax cuts would go to families making more than $500,000 a year.

The Republican health bill would repeal and replace President Barack Obama’s health law. The law imposed a series of tax increases targeting mainly high-income families.

The Senate Republican bill would repeal the taxes, though not all at once.

“The Senate bill would cut annual household taxes by about $670 on average. But the variation among income groups would be very wide,” Howard Gleckman, a senior fellow at the Tax Policy Center wrote on the group’s website. “Much like the House-passed American Health Care Act, the Senate leadership’s health bill includes a huge tax cut that mostly benefits the nation’s highest-income households,” Gleckman said.

For example, families making $20,000 a year would get an average tax cut of about $200.

But the super rich, those making $5 million or more, would receive an average tax cut of nearly $250,000.

The bill would repeal a tax on wealthy investors, saving them about $172 billion over the next decade.