When looking at House Republicans’ budget proposal for the next fiscal year and the next decade, there are clear winners…. and clear losers.
The Big Winners: Rich individuals and large corporations, who will see their taxes lowered.
The Big Losers: The more than 97 million seniors, people with disabilities, and children whose healthcare coverage through Medicaid or Medicare will be privatized and cut.
Who Else Loses? The middle class. This backward-looking proposal does not control costs–it just shifts more costs onto state budgets and middle class taxpayers.
Rather than shared responsibility, the Ryan plan asks those with the least income to carry the heaviest burden. The proposal seeks to repeal the Affordable Care Act (aka the healthcare law), end Medicare and Medicaid as we know it, and shift more costs onto states.
Making the rich even richer
Nowhere in the Republican plan is there any shared sacrifice or fairness. Two-thirds of Ryan’s program cuts fall on lower income Americans. Rep. Ryan’s tax cut budget proposal will raise taxes for the middle class, while making the Bush tax cuts for the rich permanent and then some. Under Ryan’s budget, the richest 1% of Americans would be provided an even greater tax bonus, with the average tax cut for millionaires averaging roughly $500,000 a year.
On top of that, the Ryan proposal would cut tax rates by 10 percent for big business. Big corporations in America already pay hardly any taxes at all–General Electric posted U.S. profits over $5 billion but booked a net tax benefit of over $3 billion this year. CEOs like Goldman Sachs’ Lloyd Blankfein, Honeywell’s David Cote, and Exxon Mobil’s Rex Tillerson received tax bonuses averaging over $1.5 million per year, courtesy of U.S. taxpayers.
And what did big business do to thank U.S. taxpayers for their subsidies and generous bonuses? They shipped jobs overseas. U.S. multinational corporations, from 1999 to 2008 cut 1.9 million jobs in the U.S. and created 2.4 million jobs overseas.
This is the type of behavior that congressional Republicans want to reward. What about you?