December 2, 2017
“Senate Republicans have just given the wealthy and multi-national corporations an early Christmas present by passing the Trump/GOP tax plan, while leaving a lump of coal for seniors and almost everyone else. The president and his party in Congress are asking the poor, middle class, and elderly to pick up the tab for trillions of dollars in tax breaks that the super-rich and profitable corporations do not need. If enacted, the tax bill will trigger an automatic $25 billion cut to Medicare. It blows a $1 trillion hole in the deficit, inviting deep cuts to Social Security, Medicare, and Medicaid. It adopts the paltry “Chained CPI” inflation index for calculating deductions and tax brackets, setting a dangerous precedent that could spill over into cost-of-living adjustments for Social Security. Adding insult to injury, the Trump/GOP tax bill repeals the Obamacare mandate, which will raise ACA premiums for older adults (age 50-64) by an average of $1,500 in 2019. We are deeply disappointed that so many Senators put party and powerful donors over principle to pass this reckless, regressive legislation. As the tax bill moves to a House-Senate conference (or perhaps a vote by the House on the Senate bill), we urge Senators and Representatives of conscience to reconsider their support – and remember the millions of retirees and working Americans who will suffer in the long run.” – Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare
Click here for a detailed analysis of how the GOP tax bill hurts seniors.
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