Key Stats on Republicans’ Billionaire-First Tax Plan
The GOP Tax Plan Makes the Rich Even Richer & Hurts the Poorest Americans:
- 70% of the tax bill’s benefits go to the richest 5% while costs go up for the bottom 40% of Americans. (Yale Budget Lab)
- Gives more than $300,000 in tax breaks, on average, to households making more than $5 million per year. (Tax Policy Center)
- Spends more than $4 trillion on tax breaks that overwhelmingly benefit the wealthy. (US Treasury)
The GOP Tax Plan Kicks Millions Off Their Health Insurance:
- Puts 36 million Americans at risk of losing their coverage through Medicaid. (CBPP)
- Puts 4 million Americans at risk of losing their coverage through the Affordable Care Act. (CBPP)
The GOP Tax Plan Raises Costs for Everyday Americans:
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- Health Care: Causes health care costs to skyrocket for 20 million Americans – by an average of $700 per year – by failing to extend Affordable Care Act tax credits. (CBPP)
- Groceries: Raises grocery costs and cuts food assistance for more than 40 million people, including more than 1 million veterans and 1 in 5 children, by more than $500 per year. (CBPP)
- Housing: Increases the cost of buying a host by $600 annually for the typical new mortgage payment. (Yale Budget Lab)
DOGE CUTS: The Trump-Musk Administration is Stealing Funding from Critical Services to Pay for Just a Tiny Portion of Their Billionaire-First Tax Plan
- Social Security: Jeopardizes seniors’ access to benefits by eliminating phone services that 73 million Americans rely on (WaPo) while closing more than 40 offices (AP) and firing at least 12% of the employees who run Social Security. (NYT)
- Veterans’ Benefits: Cuts 80,000 jobs or 20% of the workforce from the Department of Veterans Affairs, (AP) causing delays in getting life-saving medication to veterans and longer wait times for care and benefits. (VoteVets)
- Education: Eliminates more than 180,000 teaching positions, serving 2.8 million students, by eliminating the Department of Education (CAP) while taking away school meals from 12 million children. (CBPP)
The GOP Tax Plan Will Explode the Debt:
