In his State of the Union Lower than two weeks in the past, President Biden laid out his imaginative and prescient for an financial system that provides the center class a good shot. He additionally warned that congressional Republicans “will minimize Social Safety and provides extra tax cuts to the rich,” that they proceed to oppose the Inexpensive Care Act, and that they’re siding with Massive Pharma over hardworking households.
On Wednesday, Republican Examine Committee – which represents 100% of Home Republican management and practically 80% of their members – simply proposed yet one more price range that may minimize Medicare, Social Safety, and the Inexpensive Care Act , in addition to enhance prescription drug, vitality, and housing prices – all whereas forcing tax giveaways for the very wealthy onto the nation. Their plan would even increase the Social Safety retirement age.
Like President Biden promised within the Capitol, “If anybody right here tries to chop Social Safety or Medicare or increase the retirement age I’ll cease them.”
He’s maintaining that promise by standing towards this new Home Republican price range. He is aware of the very last thing we should always do is raid Medicare and Social Safety whereas giving extra big tax cuts to the rich and massive firms.
What’s extra, Home Republicans’ plan would increase vitality prices and ship our new manufacturing jobs again abroad by gutting different essential components of the Inflation Discount Act, increase housing prices, and permit huge corporations to tear off customers with junk charges.
President Biden has a special vison for the way we transfer into the longer term: make the rich, huge firms, and particular pursuits pay their fair proportion whereas defending and strengthening Medicare and Social Safety. Extending the Inexpensive Care Act tax credit he delivered to decrease well being care prices and canopy extra People than any time in historical past. Making the financial system work for the center class by investing in America and the industries of the longer term, whereas decreasing key prices that working households face. And increasing Medicare’s skill to barter decrease drug prices.
80% of Home Republicans launched a Finances that:
Cuts Medicare and Social Safety whereas placing well being care in danger for tens of millions
- Requires over $1.5 trillion in cuts to Social Safety, together with a rise within the retirement age to 69 and slicing incapacity advantages.
- Raises Medicare prices for seniors by taking away Medicare’s authority to barter prescription drug prices, repealing $35 insulin, and the $2,000 out-of-pocket cap within the Inflation Discount Act
- Transitions Medicare to a premium help system that CBO has discovered would increase premiums for a lot of seniors.
- Cuts Medicaid, the Inexpensive Care Act, and the Kids’s Well being Insurance coverage Program by $4.5 trillion over ten years, taking protection away from tens of millions of individuals, eroding look after seniors, kids, and folks with disabilities, and taking us again to the times the place folks could possibly be denied look after pre-existing circumstances and charged extra for medical health insurance merely for being a girl.
Rigs the financial system for the rich and huge firms towards center class households
- Passes $5.5 trillion in tax cuts skewed to the rich and huge firms, together with completely extending tax cuts within the Trump tax regulation, repealing the minimal tax on billion-dollar firms the President signed into regulation, eliminating the property tax for the wealthiest People, offering an enormous tax minimize for billionaire traders, and making it simpler for the rich and huge firms to get away with dishonest on their taxes.
- Kills jobs and funding in communities all through the nation – together with Purple States – by eliminating the clear vitality tax credit within the Inflation Discount Act.
- Makes it simpler for corporations and banks to tear customers off with unfair and hidden junk charges by eliminating the Shopper Monetary Safety Bureau.
- Raises housing prices by slicing funding for rental help, slicing funding for applications that assist construct housing, and elevating mortgage prices for first-time homebuyers.
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