AMERICANS’ HEALTH CARE AND PUBLIC SERVICES AT RISK FROM TRUMP TAX & BUDGET CUTS, NEW REPORT WARNS
Washington, D.C. – This week in communities across the country advocates are holding events to educate the public about the harmful effects of the new tax law. Advocates at the events are releasing a new report from Americans for Tax Fairness and Health Care for America Now that shows how much the tax cuts in each state favor the wealthy and prescription drug companies and health insurers, and how the $1.5 trillion hole the Trump-GOP tax law blows in the national debt jeopardizes funding for Medicaid, Medicare, Social Security, education and more in each state. The national report is here and state reports are here.
“America’s working families are, as usual, getting the short end of the stick from the new Trump-GOP tax law. Most of the tax cuts benefit the wealthy and big corporations, which shows the power of special-interest lobbyists in Washington,” said Frank Clemente, executive director of Americans for Tax Fairness. “The biggest threat for working families is how the tax law puts Medicaid, Medicare, Social Security and education at risk because it blows a nearly $2 trillion hole in the national debt. This report documents those effects based on President Trump’s proposed budget for next year. Tax reform should have helped working families get ahead, not tilted the playing field further in favor of the wealthy and well-connected.”
“Trump and his Republican allies are playing politics with the health and the lives of millions of Americans,” said Health Care for America Now Co-Directors Ethan Rome and Margarida Jorge. “The new tax law hands tens of billions of dollars in tax savings to prescription drug companies and health insurers while repealing a key part of the Affordable Care Act that results in higher premiums for American families and 13 million losing coverage. Trump and the Republican Congress need to know that American voters are not going to take this lying down.”
National Report Executive Summary:
On Tax Day 2018, health care and other vital public services are much less secure for America’s working families due to $1.5 trillion in tax cuts enacted late last year by President Trump and the Republican Congress.
The Trump-GOP tax cuts put the interests of the wealthy and corporations over those of working families and local communities:
Prescription drug companies and health insurers will reap tens of billions of dollars in tax savings under the new tax law, but few are sharing the wealth with their workers, and none are planning to cut their drug or insurance prices:
To pay for their $1.5 trillion in tax cuts that mostly benefit the wealthy and corporations, President Trump and the GOP Congress have targeted vital public programs, particularly health care, for service reductions:
The Congressional Budget Office, a non-partisan scorekeeper, now reports that the tax cuts will add $1.9 trillion to the deficit—one-quarter more than the $1.5 trillion estimated when the tax law was approved in December. This is close to the $1.7 trillion cut to Medicaid, Medicare, Social Security disability programs, SNAP and more proposed in Trump’s budget.
Top Six States with Most Skewed Distribution of Trump-GOP Tax Cuts, Effects of Individual Mandate Repeal on Insured Population and Premiums, and Effects of Overall ACA Repeal
Click Here for full data set on all 50 states with impacts of TCJA and Trump and GOP budget cuts.
Americans for Tax Fairness is a diverse coalition of 425 national and state endorsing organizations that collectively represent tens of millions of members. The organization was formed on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. ATF is playing a central role in Washington and in the states on federal tax-reform issues.
Health Care for America Now (HCAN) is the national grassroots coalition of labor unions, community groups, policy advocates and online organizations that from 2008-2013 ran a five-and-a-half-year campaign to pass, protect, and promote the Affordable Care Act (ACA).
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