MAGA Republicans’ Economic Plans: Tax Handouts For The Ultra Wealthy, Hikes For Working Families
MAGA Republicans’ budget agenda is coming into focus as they push proposals that would hand out tax cuts to large corporations and the ultra wealthy, add up to $3 trillion to the national debt, cut programs everyday Americans rely on, and raise taxes on the middle class.
MAGA Republicans in Congress have proposed plans that could add over $3 trillion to the national debt with tax cuts and other giveaways skewed toward the extremely wealthy and large corporations.
Committee for a Responsible Federal Budget: “IRS Funding Repeal Could Cost Over $100 Billion, Encourage Tax Cheating”
Kaiser Family Foundation: “Prior to consideration by the Senate, CBO estimated the prescription drug provisions would reduce the federal deficit by $288 billion over 10 years (2022-2031).”
CFRB: “CBO estimates that extending the individual income and estate tax provisions that are set to expire after 2025 would cost $2.2 trillion through 2032; also extending business tax provisions that are set to expire or become less generous would increase the cost to $2.7 trillion.”
MAGA Republicans’ proposals also include demands to cut essential programs middle-class families rely on, like public safety, education, health care, and more.
Washinton Post: “If funds at the Department of Health and Human Services are cut, for example, it would have less money for its 988 suicide crisis hotline, potentially diminishing its ability to respond, the agency told lawmakers recently. At the Justice Department, officials warned about ‘significant furloughs’ at the FBI and other key law enforcement agencies, including those that focus on intercepting fentanyl, a GOP priority. Cuts at the Federal Aviation Administration, that agency said, might mean it struggles to retain air traffic controllers, potentially snarling travel.”
Washington Post: “Other cuts could fall hardest on low-income families…In a letter, the Department of Housing and Urban Development said cuts at the level contemplated by Congress could cause significant disruptions to housing vouchers, eliminating funding for up to 640,000 families.”.”
New York Times: “The largest remaining category involves health care spending that benefits lower- and middle-income families, including from Medicaid and Obamacare. Hard-right Republicans, like some in the Freedom Caucus, have signaled they will propose reductions to these programs. Party leaders, for their part, have said they would eye cuts to anti-poverty programs such as food stamps.”
Politico: “Senior Republicans in the House and Senate are proposing deep cuts to Medicaid as talks around reducing the deficit intensify ahead of a budget showdown between President Joe Biden and House leaders.”
MSNBC: “House Republican calls for defunding Homeland Security department”
And it doesn’t end there. MAGA Republicans have even pushed a proposal – a national sales tax – that would introduce huge tax hikes and would have middle class, working families and seniors paying higher tax rates than the super wealthy and big corporations.
CNBC: “A group of House Republicans is revisiting the Fair Tax Act, which would replace certain federal levies with a national sales tax and decentralize the IRS…If
it were enacted, middle-income earners would see a ‘pretty significant tax increase’ and the wealthiest Americans would see the biggest cuts, according to John Buhl, senior communications manager at the Tax Policy Center.”
Make no mistake: MAGA Republicans in Congress are choosing to push proposals that would increase taxes on the middle class and working families while the ultra wealthy and big corporations get handouts.
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