Following today’s Senate vote rejecting bills to extend the ACA enhanced premium tax credits, Families Over Billionaires released this statement from Executive Director Kristen Crowell:

“Today, Republicans in Congress gave working people a holiday gift no one asked for: higher health insurance premiums on top of already rising household costs. Meanwhile, billionaires and big corporations head into the new year with their gift—more tax breaks from Republican leaders.

“This is what a rigged system looks like. Health care gets more expensive for families and small businesses, while the wealthy keep getting handouts. That’s not budgeting, it’s a moral failure. Voters won’t forget who made life harder when they needed help most. We’re done accepting two Americas under one broken system and we’re fighting back to put families over billionaires.”

A Very Rigged Republican Holiday: Billionaires Get Tax Breaks, Working People Get Higher Bills

🎁 Republicans’ Gift to Billionaires 👇

Massive tax cuts for the rich and corporations via the OBBBA, which means:

• The richest 1 percent of households will get about $66,000 in tax credits next year.
• The richest 1 percent in five states will see tax cuts averaging more than $100,000 per year.
• Corporations will continue to pay a lower effective tax rate than a worker who makes $45,000 a year.

Structural changes in the OBBBA that further rig the system for the ultra-wealthy and corporations:

• Lower top tax rates and permanent tax carveouts for pass through income.
• Greater exemptions from the estate tax for the large fortunes of the wealthy.
• The richest 1% will benefit more than the bottom 80% of Americans in 2026 under the OBBBA.

🎁 Republicans’ Gift to Working People 👇

Expiration of enhanced premium tax credits, which means:

• A 45-year-old making $62,000 will pay $1,469 more in premiums per year
• A 60-year-old couple earning $82,000 will see their premiums rise by $18,000+
• A family of four making $126,000 will pay $8,300 more annually

Structural changes in the OBBBA that make it even harder for working and middle class people to get ahead:

• 14,200,000 Americans will lose their health care coverage completely.
• 3 million people will lose food assistance.
• Increased household costs that far outpace any tax benefits from the OBBBA.
• Higher energy costs, slower economic development, and job losses nationwide.