Mild Differences in GOP Budget Will Make Little Difference to Working Families Losing Out to Accompanying Cuts in Medicaid, Food Assistance
The tax provisions of the GOP budget released by the Senate Finance Committee are substantially the same as the House-passed version of the bill: tax rates will still be cut for the highest earners; wealthy business owners will still get the lion’s share of a “small business tax cut”; and family dynasties will continue to grow in wealth and power in the face of an increasingly irrelevant estate tax. A few relatively minor adjustments to the House bill will make little difference to working families who will on balance still lose out when the tax cuts are combined with cuts to vital services like Medicaid and food assistance. That’s the preliminary analysis released today by Americans for Tax Fairness (ATF) on the Finance panel’s plan.
“The Republican Senate Finance Committee has missed its chance to improve legislation that comes to it from across the Capitol,” said David Kass, ATF’s executive director. “The panel’s GOP senators could have used the opportunity to scrap the most egregious tax handouts to millionaires and billionaires, saving trillions of dollars in revenue while not making cuts to vital public services and preventing the piling up of more debt. Instead they essentially rubber stamped the House’s big ugly bill. We can only hope the full Senate will do a better job fixing the House’s mistakes.”
Sources:
Senate Finance section-by-section
House passed BBBA section-by-section
Andrew Lautz, Bipartisan Policy Center
Andrew Lautz, Bipartisan Policy Center
Andrew Lautz, Bipartisan Policy Center
