At the very same time that Trumpcare would strip 24 million people of their health coverage and disproportionately hit low-income, rural, and elderly Americans with severely higher health care costs, it turns out that the largest tax cuts in this toxic bill would give millions of dollars in tax breaks to Donald Trump himself.
“Donald Trump’s populist promises on the campaign trail were more than empty rhetoric – they were a two-faced sales pitch. Now that he’s in office, he’s pushing self-serving plans to cut his own taxes at the expense of the very people counting on his help,” said American Bridge spokesperson Andrew Bates.
THE LARGEST TAX CUT IN TRUMPCARE WOULD GIVE DONALD TRUMP HIMSELF A TAX CUT WORTH MILLIONS
Wall Street Journal, 3/17/2017 -“One Beneficiary of GOP’s Tax Bill: President Trump”:
• “The first big tax cut moving through Congress under President Donald Trump would likely benefit the president himself, potentially saving him millions of dollars in taxes on his rental income next year and even more money on other income if he wins a second term…The repeal of the 3.8% tax—known as the net investment income tax—is the largest tax cut contained in the Republican health-care bill moving through the House.”
TRUMPCARE WOULD SLAM ELDERLY AMERICANS, RURAL AMERICANS, AND LOW-INCOME AMERICANS
AARP, 3/13/2017 – “Older Americans ‘disproportionately’ impacted according to nonpartisan Congressional Budget Office Analysis”
• “The nonpartisan CBO revealed today that ‘the legislation would increase the number of uninsured broadly, [and] the increase would be disproportionately larger among older people with lower income; in particular, people between 50 and 64 years old…’”
• “The CBO analysis found that premiums would rise ‘20 percent to 25 percent higher for a 64-year-old.’ Putting the financial burden on older Americans is not the way to solve the problems in our health care system.’ Premiums for a 64 year old earning $26,500 would increase by $12,900 in 2026, from $1,700 to $14,600.”
Washington Post, 3/13/2017 – “The GOP’s Obamacare replacement is a disaster for some of its most loyal voters”
• “It’s a nationwide pattern: Some of the harshest consequences of the GOP’s health bill would fall on rural Republican strongholds — precisely the voters who helped elect Trump….And, according to a Washington Post analysis of the Kaiser data, the counties whose residents stand to lose the most in tax credits under the new regime nearly all went for Trump in the last election.”
Oliver Wyman via Wall Street Journal report, 3/13/2017 – “GOP Health Plan Would Hit Rural Areas Hard”:
• “The Oliver Wyman analysis highlights how rural areas, where individual insurance premiums are often higher, could see a major effect from the shift to flat-sum tax credits. Compounding that, rural populations are often older and poorer, so the proportion of those doing worse under the new subsidy setup may be higher. Of the 100 counties where a 62-year-old making three times the federal poverty level—generally around $36,000—would see the biggest jump in annual costs for a plan under the Republican blueprint, 97 were rural. ‘It is disproportionately affecting the rural,’ said Dianna Welch, an actuary at Oliver Wyman.”
TRUMP’S BUDGET WOULD HARM AMERICAN WORKING FAMILIES
Washington Post, 3/16/2017: “If you’re a poor person in America, Trump’s budget is not for you”
• The White House budget cuts will fall hardest on the rural and small town communities that Trump won, where 1 in 3 people are living paycheck to paycheck — a rate that is 24 percent higher than in urban counties, according to a new analysis by the center.
Associated Press, 3/17/2017 – “Many Trump voters would feel program cuts in budget proposal”
• “In his first budget blueprint since taking office, President Donald Trump held to his promise to build up the U.S. military while slashing domestic spending — even for programs that benefit the rural and lower-income Americans who voted for him last November.”
Published: Mar 17, 2017