In total, the committee estimated that repealing the Medicare payroll tax surcharge would cost the federal government $117 billion over 10 years, while the investment income levy would cost $158 billion. The GOP bill, titled the American Health Care Act, also calls for repealing a host of other taxes, including those on insurers, medical device makers and prescription drug makers.
A new report by the nonpartisan Tax Policy Center found that repealing all these taxes would mean that nearly everyone in the Top 1%, who earn more than $772,000 a year, would enjoy a hefty tax cut, averaging a little more than $37,000 in 2022. Tax filers in the Top 0.1% would get an average tax cut of more than $207,000.