via twitter.
Related Reading:
See more posts like this on Tumblr
#politics #rand paul #republicans #debt #deficits #tax cuts #tax reform #seniors #elderly #older americans #congress #GOP #GOP tax scamMore you might like
Coincidence? The Republicans gave the wealthy tax cuts and want seniors and the working class to pay for them.
Read more about the tax cuts by clicking here.
Read more about the budget by clicking here.
When asked about America’s soaring debt and deficits, Senate Majority Leader Mitch McConnell lamented “It’s disappointing, but it’s not a Republican problem,” and he blames Social Security, Medicare and Medicaid.
Rubbish. It’s not social spending that’s causing the federal deficit to soar. It’s Republican tax cuts, especially on corporations and the wealthy.
Look at the evidence. Of all 35 advanced economies, America’s spending on social programs like Medicare, Social Security, and Medicaid is among the lowest, as you can see.
Also, Americans pay into Social Security and Medicare throughout their entire working lives.
via Common Dreams.
Related Reading:
Exploding the Budget Deficit Will Lead to Middle-Class Benefit Cuts.
The tax law would leave Medicare, Medicaid and Social Security vulnerable to benefit cuts because of its dramatic $1.5 trillion increase at a minimum in the public debt – an increase that will have to be offset in the future.
The Republican tax plan is part of a broader agenda that aims to pay for tax cuts by cutting investments in low and middle income families, including Medicaid, education, housing and nutrition assistance. Trump and the Republicans are likely to finance their tax cuts with higher deficits. But as we have seen repeatedly in the past, they will then use deficits created by tax cuts to justify slashing investments in children and families.
Medicaid, which covers 34 million children, including nearly half of all children with special health-care needs, may be the most vulnerable to cuts given that Trump and the Republicans have made their intention to cut health care to pay for millionaire tax cuts abundantly clear in their efforts to repeal ObamaCare. The White House and House budgets also cut the Supplemental Nutrition Assistance Program, which serves more than 20 million families with children, by more than one-fifth and gut investments like K-12 education, affordable housing and public health. These investments are critical for improving the lives of children and their long-term prospects into adulthood.
via The Hill.
Related Reading:
GOP Tax Cuts Could Cost Seniors in the Long Run.
- 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.
Republicans are promising a comprehensive second round of tax cuts – but tax changes affecting retirement savings may be the only measures with enough political support to make it through Congress this year.
House Ways and Means Chairman Kevin Brady said Wednesday that he plans on releasing an outline of “Tax Reform 2.0” legislation next week to his committee members, which would include making the rate cuts for individuals permanent. Extending those cuts faces slim chances in the Senate, where it would need the support of at least nine Democrats to pass. The 2017 tax law passed without any Democratic votes.
Tweaks to retirement plans, however, are likely to garner bipartisan support, especially those related to small businesses. Brady told reporters he’s including a retirement-related bill in his draft that has the backing of Senators Orrin Hatch and Ron Wyden, the top Republican and Democrat on the Senate Finance Committee.
via Bloomberg.
Stay updated on issues like this by signing up for our free newsletter, Your Morning Read, by clicking here.
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.
via twitter.
Related Reading:
The Trump/GOP tax cuts for wealthy and big corporations will add $1.5 trillion in debt; so we are not shocked by this.
Learn more How the Tax Law Affects Seniors by
clicking here.
Republicans in the House and Senate have taken aim at entitlement spending in recent days as Congress works to get the tax reform plan on President Trump’s desk by the end of the year. The House passed a final version of the plan on Wednesday.
“We’re going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit,” House Speaker Paul Ryan (R-Wis.) said earlier this month.
“We have a welfare system that’s trapping people in poverty and effectively paying people not to work,” Ryan added. “We’ve got to work on that.”
via The Hill.
Related Reading:
Hollow Victory For The GOP Is A Loss For Seniors,
Working Americans.
- It is wrong to ask the poor, the working class, and elderly to pay for tax breaks for the rich and powerful, which is exactly what the Trump/GOP tax bill will do.
- The tax cuts will explode the federal debt by at least $1.5 trillion, laying the groundwork for an all-out effort to cut Social Security, Medicare, and Medicaid. House Speaker Paul Ryan and Florida Senator Marco Rubio have already promised as much in recent public statements.
In truth, tax expenditures (especially the Trump/GOP tax cuts) are the No. 1 drivers of the debt. Social Security and Medicare Part A are self-funded by workers’ payroll contributions and do not contribute a penny of federal red ink.
