Mar 23, 2017

Trumpcare gives more money to the rich, less to the poor

The Obamacare replacement bill currently moving through the House cuts both Obamacare taxes and benefits, resulting in a regressive redistribution of wealth, the Urban Institute finds. Families with incomes less than $50,000 in 2022 would be worse off financially than under Obamacare, while families making more than that would be better off financially.

But how many families would be better/worse off? We looked the Urban data and then added in Current Population Survey data to find out how many families are in each income category. We found the poorest third of families are worse off, middle-income families are slightly better off and those making more than $200,000 a year — about 8 percent of families — benefit the most.

Data: Urban Institute, Current Population Survey; Chart: Lazaro Gamio / Axios

Why this would happen:

  • The House bill cuts Obamacare taxes, including those on industry groups and high-earners.
  • It converts Obamacare's income-based premium subsidies, which vary with the cost of premiums, to an age-based tax credit that is not tied to the cost of care. Many older and low-income people receive much less assistance under this model.
  • Medicaid expansion is phased out, meaning very low-income families would receive less help buying coverage.

Go deeper

Affordability is driving Americans' decisions on where to live

Data: Prudential; Note: ±3.0 margin of error; Chart: Axios Visuals

Most American workers place affordability above jobs on the priority list when determining where to live, according to Prudential's Pulse of the American Worker survey conducted in November by Morning Consult.

Why it matters: The high cost of living in job-rich centers holds people back from looking for new opportunities there.

Go deeperArrowDec 31, 2019

91 Fortune 500 companies paid no federal income tax in 2018

President Trump on Dec. 13. Photo: Alex Wong/Getty Images

91 Fortune 500 companies paid no federal income taxes on their U.S. income last year, according to a report released Monday by the Institute on Taxation and Economic Policy.

Why it matters: Some of the companies that paid no federal income tax last year still made billions of dollars — and they include some of the country's biggest names, like Amazon, Chevron, Halliburton and IBM.

Go deeperArrowDec 16, 2019

What they're saying: 2020 Democrats react to Iran attack

Pete Buttigieg, Elizabeth Warren and Joe Biden at the November Democratic debate in Atlanta. Photo: Alex Wong/Getty Images

Democratic presidential candidates expressed support for American troops Tuesday following Iranian strikes on two bases in Iraq shared with the U.S., as several called for a de-escalation in tensions.

What they're saying: Former Vice President Joe Biden offered prayers to troops before saying at a Philadelphia campaign event the "chaos that's ensuing" in Iraq and Iran was "predictable," per a pool report.

Go deeperArrowJan 8, 2020