WHAT IS THE REPUBLICAN BUDGET PROPOSAL?
- Republicans in Congress are trying to pass a law that will give massive tax breaks to their billionaire donors and big corporations, while forcing everyone else to pay the price.
WHAT’S IN THEIR BUDGET PROPOSAL?
- The Republican budget proposal includes two main pieces:
- Trillions of dollars in tax cuts that mostly benefit the wealthy and corporations.
- Large cuts to health care coverage and benefits, nutritional assistance, education support, and more.
Simply put, the budget proposal would take money out of the pockets of workers and families by raising their taxes, and increasing their health care, grocery, education, housing, and energy costs, all to pay for lower taxes for the rich.
WHO DOES THE PROPOSAL HELP?
- The wealthy and corporations will be the biggest beneficiaries of the proposal.
- The average tax cut for someone in the top 0.1% could be as much as $280,000 a year, or more.
- Most large corporations would continue to pay extremely low taxes, with many paying almost nothing.
WHO DOES THE PROPOSAL HURT?
In order to pay for those tax cuts for the wealthy, the Republican budget forces everyone else to pay more.
- Health care costs will go up for millions of Americans.
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- The budget will force hundreds of billions to be cut from Medicaid, and raise taxes on Americans who get their coverage from the Affordable Care Act.
- Insurance premiums will skyrocket for more than 20 million Americans.
- Tens of millions of Americans will be kicked off their health insurance. Many rural hospitals that rely on Medicaid funding to stay open will reduce services or close entirely..
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- Food costs will go up for millions of families.
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- The budget will force cuts to SNAP while also likely slashing funding for school lunch and breakfast programs. Cutting these benefits means millions of people, including children, will go hungry.
- Millions of Americans rely on SNAP – including 1.2 million veterans, 4.8 million seniors, and 14.6 million children.
- More than 12 million children could lose school lunches and breakfasts.
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- The cost of education will skyrocket.
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- Hundreds of billions in education benefits and services will be cut, putting funding for schools and child care centers at risk.
- College will become even more unaffordable, with student loan costs increasing for millions of borrowers, and potential cuts to key scholarship and grant programs like Pell Grants impacting low-income students.
- Republicans also plan to use cuts from public education and Head Start, which over 750,000 children rely on, to fund larger tax breaks for the rich.
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ADDITIONAL RESOURCES:
- For information on how this will affect your community, see here for impacts broken down by Congressional district.
- Recent coverage of the Republican proposal:
- Washington Post: To pay for tax cuts, the GOP’s budget plan goes full Scrooge
- The Hill: Republicans put health care cuts front and center to advance agenda
- CNBC: To pay for Trump’s tax cuts, House Republicans could raise student loan bills for millions of borrowers
