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The House of Rep. Began Obamacare Repeal

The process of repealing the affordable care act, known as the "Obamacare", has officially started on January 13th when Republicans passed a bill that rolls back the Obamacare law. Although it is only the first step, taxpayers already start planning for the change. The repeal will eliminate two main taxes; the 0.9 percent additional medicare tax for couples who earns more than $250,000 and the 3.8 percent surtax on investment income. In addition, taxpayers who purchased an insurance premium through the exchange face uncertainty in regards to the refund or liability related to their insurance premiums. The tax cuts are significant and will mostly benefit the wealthy taxpayers but the main question is what would the replacement look like and how it would be funded.

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