TOPLINE: 22 Million Losing Coverage from Cuts to Medicaid and Medicare …
Just So Millionaires, Billionaires, and Giant Corporations Can Get a $600 Billion Tax Cut
- The Republican health care repeal bill cuts Medicaid and Medicare to give huge tax cuts to the wealthy and big corporations.
- The Republican bill cuts Medicaid and Medicare, and takes health care away from 22 million Americans to give nearly $600 billion in tax breaks to millionaires, billionaires, and big corporations.
- Millionaires would receive a tax break of $50,000 each year.
- The nation’s 400 richest families would each get a $7 million tax cut every year.
- The Republican bill gives huge tax breaks to those who already have the most, while slashing Medicaid, which provides health care to seniors, children, people with disabilities, and working families.
- The nearly $600 billion in tax breaks are paid for by cutting Medicaid by nearly $800 billion ($772B).
- Medicaid covers the deliveries of half of all babies and two-thirds of seniors in nursing homes.
- 60% of Medicaid costs are for the elderly and people with disabilities.
- President Trump promised not to cut Medicaid on the campaign trail, but he’s breaking that promise.
- The Republican bill takes $60 billion out of Medicare to give a tax break to the wealthy.
- Rich people making over $200,000 a year would get a tax break on their Medicare contributions.
- This would shorten Medicare’s solvency by two years.
- President Trump promised not to cut Medicare on the campaign trail, but he’s breaking that promise.
- The Republican bill gives big tax cuts to health insurance and prescription drug corporations, paid for by cutting coverage and raising costs for seniors and people with disabilities.
- Giant health insurance corporations like Aetna, Cigna and United Health Group will get $145 billion in tax breaks from the Trump plan, but millions of people will pay more for coverage. The profits of the 8 biggest insurance companies topped $25 billion last year. They don’t need a $ 145 billion tax cut.
- Prescription drug corporations like Pfizer will get $25 billion in tax breaks, but Trumpcare won’t lower drug costs for seniors. The top 10 drug companies had profits of $83 billion last year.
- Older Americans will see their health insurance premiums skyrocket. A 64-year-old making about $60,000 a year and buying private insurance will face premium jumps of as much as $13,700 a year.
- The public does not want the Republican bill. They want the rich and corporations to pay their fair share.
- The public knows it’s wrong to cut funding for Medicaid and Medicare to pay for big tax cuts for the wealthy and for insurance and drug companies.
- That’s why Trumpcare is opposed by most Americans. Just 12% of Americans support the bill, according to a USA Today Just 17% supported the Senate bill in another poll (NPR/PBS Newshour/Marist).
- Most Americans believe the wealthy and corporations are already dodging their fair share of taxes, according to the Pew Research Center.