Obamacare Repeal Law Would Give Montana Republican $800,000 Tax Cut
Greg Gianforte, the Republican candidate for Montana’s open House seat, stands to get tax cuts worth nearly $800,000 a year if the House health care bill becomes law, according to a new analysis.
The American Health Care Act, as the Republican bill that passed the House of Representatives is known, repeals the two tax hikes on higher earners that the Affordable Care Act used to fund expansion of insurance coverage: a 3.8 percent tax on net investment income and a 0.9 percent increase in the Medicare Hospital Insurance tax. Both taxes apply to individuals making $200,000 a year or more, and married couples making $250,000 a year or more.
Based on Gianforte’s average yearly investment and wage income from 2005 to 2014, his annual tax bill would go down $785,413 if the AHCA passed, according to an analysis released Friday by the Center for American Progress Action Fund and Tax March, an organization backed by labor unions and progressive groups.
CAP Action Fund senior fellow Seth Hanlon, a tax attorney who worked for former President Barack Obama, conducted the report.
Hanlon calculated the size of the tax cuts based on the income reported in Gianforte and his wife Susan’s tax returns from 2005 to 2014. Gianforte released them as part of his failed bid for governor of Montana in 2016.
Gianforte, 56, founded two successful software companies, including RightNow Technologies, which he sold to Oracle for $1.5 billion in 2011.
He and his wife made, on average, over $20 million a year in investment income and $1.6 million a year in ordinary […]