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Senate Republicans Hand Expensive Holiday Present
to Those With Everything
Senate Republicans have just given the wealthy and multi-national corporations an early Christmas present by passing the Trump/GOP tax plan, while leaving a lump of coal for seniors and almost everyone else.
The president and his party in Congress are asking the poor, middle class, and elderly to pick up the tab for trillions of dollars in tax breaks that the super-rich and profitable corporations do not need.
More from our statement can be read here.
The time to stop the Trump Tax Scam is now! The House is about to vote on their bill which would cut taxes for the wealthy and big corporations at the expense of seniors and everyone else.
Call your Member of Congress: 1-800-998-0180
Once you have made your call, please RE-BLOG this graphic with your friends!
But listen carefully and you can hear the whistle blowing on another train barreling down the tracks.
Call it the Slash Medicare Express. The whistle is still a bit faint, but it is sending a clear warning signal.
A 2018 budget blueprint approved by Congress late last month would reduce Medicare spending by $473 billion over 10 years compared with the current baseline projection, and proposes $1.3 trillion in cuts to Medicaid, various Affordable Care Act (ACA) tax credits and cost sharing subsidies and other health spending. Republicans need the spending reductions to make room for $1.5 trillion in tax cuts, mostly for corporations and wealthy households.
The budget plan does not include the specifics on how these cuts will be achieved. But previous Republican plans for Medicaid - the joint federal and state health insurance program for lower-income people and children - would have been disastrous for millions of older Americans.
via Reuters.
Related Reading:
National Committee President Warns Senators About GOP Tax & Budget Scheme.
- What’s more, the tax plan will increase the national debt and compel Republicans to cut seniors’ earned benefits more aggressively in the future – even though Social Security and Medicare Part A are self-financed and do not contribute to federal budget deficits.
- The bottom 80 percent of Americans would receive 13 percent of the tax cuts.
New tax plan will hinder care for older Americans.
- The Republican tax plan eliminates the deduction for medical expenses that nearly 9 million people have used to offset high out-of-pocket costs for care.
Majorities across parties oppose eliminating the tax deduction for high medical expenses, which Congress is debating as part of tax reform.
via Kaiser Health News.
Related Reading:
How House and Senate Tax Legislation Affects Seniors.
Repealing the Medical Expense Deduction Would Make Health and Long-Term Care Costs Unaffordable.
- The House tax bill guts important deductions and tax incentives currently used by middle-class families, including the repeal of the medical expense deduction. Presently, the medical deduction allows individuals to deduct the costs of very high out-of-pocket health care and/or long-term care costs. The House bill repeals that provision. About three-quarters of the 8.8 million taxpayers who claim the medical expense deduction are 50 or older, and more than 70 percent have incomes of $75,000 or below.
Majorities across parties oppose eliminating the tax deduction for high medical expenses, which Congress is debating as part of tax reform.
via Kaiser Health News.
Related Reading:
Trump/GOP Tax Bill Would Trigger Devastating Cut to Medicare.
- Of course, the entire tax scheme – which is being rushed through Congress without regular order – is harmful to seniors’ health and retirement security either way.
- It eliminates the deduction for medical expenses like chronic and long-term care and balloons the deficit so that future Congresses will feel justified in raiding Social Security, Medicare and Medicaid to make up the difference.
The GOP had scarcely emerged from the defeat of their latest Obamacare repeal legislation when they pivoted lightning-quick from healthcare to taxes. The tax reform plan the party unveiled last week may ultimately endanger the well-being of older Americans more than the vanquished healthcare bill.
Here’s why: The nonprofit Tax Policy Center estimates that the GOP tax plan will reduce federal revenues by a net $2.4 trillion in the next 10 years. As the deficit grows, Congress will look to cut spending. Republicans have already called for deep cuts to Social Security and Medicare, and would no doubt come after those programs looking for massive savings. Seniors’ earned benefits could be used as piggy banks to pay for reckless tax cuts that largely benefit the wealthy.
More from this blog post can be found here.
The president and his party in Congress are asking the poor, middle class, and elderly to pick up the tab for trillions of dollars in tax breaks that the super-rich and profitable corporations do not need.
via NCPSSM.
President Donald Trump says he will sign “maybe the biggest tax cut we’ve ever had,” and top Republicans keep pledging he will do it by Christmas.
Trump has promised his tax reform will help the middle class, make the United States more competitive internationally, and lead to almost unprecedented economic growth in the years to come. And he’s promised to eliminate the federal debt in eight years while he’s at it.
Getting through that list of promises is politically impossible, but even coming anywhere close to it in the next two months will be extremely difficult. Though congressional Republicans are saying tax reform will be “easier” than health care, the party is already embroiled in an intraparty struggle over how deeply to cut rates — and how to pay for them. And despite months of negotiations between top House and Senate Congress members and members of Trump’s administration — a working group dubbed the “Big Six” — Republicans haven’t actually agreed on many important points. And what they have agreed on has already raised some eyebrows within the Republicans conference.
via VOX.
Related Reading:
GOP Tax Cuts Could Cost Seniors in the Long Run.
- The nonprofit Tax Policy Center estimates that the GOP tax plan will reduce federal revenues by a net $2.4 trillion in the next 10 years.
- As the deficit grows, Congress will look to cut spending. Republicans have already called for deep cuts to Social Security and Medicare, and would no doubt come after those programs looking for massive savings.
- Seniors’ earned benefits could be used as piggy banks to pay for reckless tax cuts that largely benefit the wealthy.
President Trump and congressional Republican leaders, a group known as the “Big Six,” recently released their latest tax plan. The president claims that his plan “will cut taxes for the everyday, hardworking Americans,” but many taxpayers will actually pay more.
Incredibly, the plan costs $2.4 trillion over 10 years, but leaves 47 million households ultimately paying higher taxes so that the wealthiest taxpayers can get huge tax cuts. In fact, a few groups of Americans may be hit especially hard. Based on the details provided so far, many seniors and blind Americans can already tell that this plan will mean higher taxes for them in particular, since the plan eliminates a longstanding deduction they can currently and exclusively claim.
via Inside Sources.
Related Reading:
GOP Tax Cuts Could Cost Seniors in the Long Run.
- The tax reform plan the party unveiled last week may ultimately endanger the well-being of older Americans more than the vanquished healthcare bill.
- Republicans have already called for deep cuts to Social Security and Medicare, and would no doubt come after those programs looking for massive savings.
- Seniors’ earned benefits could be used as piggy banks to pay for reckless tax cuts that largely benefit the wealthy.
Unless you’re a multinational corporation or someone with a yacht, there’s a lot not to like in the GOP’s tax “reform” plan, which the party wants to ram through Congress by the end of the year – even more to despise if you’re retired, going to retire or underinsured.
To pay for this runaway train of tax goodies for global corporations and the ultra-wealthy, the GOP is raising taxes on the Middle Class and refuses to address the long-term funding shortfalls in Social Security and Medicare. Neither the House nor Senate plan addresses this issue.
via Forbes.
Related Reading:
Under the tax bill –
- The top 1% would receive 80% of the tax cuts.
The 2018 House Budget resolution calls for nearly $500 billion in cuts to Medicaid over the next decade.
- That would be devastating for the 1.4 million seniors who rely on Medicaid for long-term care, and millions of others who are dually eligible for Medicaid and Medicare.
- Republicans claim that the tax cuts will pay for themselves through intense economic growth.
- They have tried this before and it didn’t work out.