I recently completed my 2018 health insurance application to Anthem Blue Cross Blue Shield, a miserable plan with high deductibles and monthly premiums of nearly $900. Paying so much for insurance I almost never use, I got to wondering: How will Joseph Swedish, the CEO of Anthem, benefit from the GOP tax plan that Morgan Griffith and the GOP Congress just passed? The answer is that his after-tax income will increase by about $429,000. That’s based just on the drop in the top marginal income tax rate from 39.6% to 37%, and does not count other things in the bill that will help the rich. He’ll be at least $429,000 richer, every year. Of course, he’s not alone. The richest Americans all get huge tax breaks from this bill.
My wife having taught in Washington County, Virginia schools for 31 years, I also got to wondering how teachers will fair under the Republican bill. Just under one thousand people work for our local school system, mostly teachers, but also teaching assistants, guidance counselors, administrators and support staff. Their total benefit, based on average salaries and the projected impact of the tax plan will be, at best, around $307,000. For all one thousand of them. So, one guy, who sits atop a huge company that’s making a fortune from everyday people who can barely afford health insurance, will get far more money from this plan than every Washington County public school employee combined.
There are many more teachers and working folks than multi-millionaires in southwest Virginia, but Morgan Griffith voted for this giveaway to the rich anyway. Does that seem right to you?