For Immediate Release: Thursday, March 29, 2012
Contact: Donna De La Cruz, [email protected], (202) 339-9331
GOP Plan Gives More Tax Breaks to the Wealthy
(WASHINGTON)—House Republicans today approved a budget that punishes the poor while giving even more tax breaks to the wealthy. This budget plan also aims to privatize Medicare and cuts the number of employees who process Social Security claims.
The budget plan also would cut taxes by about $4.3 trillion over the next 10 years, but who will get the most tax breaks? People who make more than $200,000 a year. The plan also slashes essential programs like food stamps and it repeals the Affordable Care Act, eliminating tax credits for middle-class families to help them buy health insurance.
“House Republicans either have no idea that there are poor people in America who will suffer even more if this budget is implemented, or have decided to just represent those who make more than $200,000 a year,” said Deepak Bhargava, executive director of the Center for Community Change.
Ryan’s budget also threatens the future of Social Security and Medicare, which will affect millions of Americans. The budget will slash Social Security benefits for middle-class seniors and people with disabilities. And it will wholesale change Medicare into a voucher system, making it more costly for anyone who participates.
“Ryan calls his budget the ‘path to prosperity.’ In reality, it is the path to poverty,” Bhargava said. “Ryan’s budget calls for fast tracking changes to Social Security that would result in huge benefit cuts. Ryan and his GOP colleagues are against lifting the cap on FICA taxes for higher earners although it would solve the long-term solvency problem for future generations. Again, it’s take from the poor to help the wealthy.”