The Latest: House GOP Health Bill Would Cut Taxes For The Rich

WASHINGTON (AP) – The Latest on new Republican legislation to replace the health care law:

The House GOP health bill would cut more than 20 taxes enacted under President Barack Obama’s heath law. This would save taxpayers nearly $600 billion over the next decade – with the bulk of the money going to the wealthy.

The estimate does not include the cost of new tax credits to help people buy health insurance. Those estimates are not yet public.

The biggest tax cut would eliminate a 3.8 percent tax on investment income for high-income individuals and families. Congressional estimates show that eliminating the tax would save these taxpayers $158 billion over the next decade.

About 90 percent of the benefit from repealing the tax would go to the top 1 percent of earners, who make $700,000 or more, according to the non-partisan Tax Policy Center.