House Republicans' 1% Budget:
All-Out Assault on the 99%
House Budget Committee Chairman Paul Ryan (R-WI) recently released the House Republicans' Fiscal Year 2013 Budget Resolution. It is a mix of tax giveaways to the wealthy and corporations and extreme cuts to programs that provide vital services to millions of Americans - it is a budget for the top 1%.
- The House Republicans' budget resolution was written by the 1%, for the 1%. It enables millionaires and corporations to avoid paying their fair share in taxes while making extreme cuts to programs that will cost American jobs and sacrifice vital services. These are misdirected priorities that would take our country in the wrong direction.
- Corporations and the wealthy would get a $3 trillion tax cut. By repealing the Alternative Minimum Tax and the investment taxes in the new healthcare law and lowering the top income tax rate to 25 percent, the Ryan budget provides the wealthiest Americans with $2 trillion in tax breaks. By lowering the top corporate tax rate and allowing corporations to return profits made overseas to the United States at no cost, he gives corporations more than $1 trillion in tax breaks.
- American jobs would be lost. Cutting trillions of dollars from programs that provide vital services would squeeze the families who depend on them and would mean countless job cuts.
- The budget proposal contains the same types of radical cuts to vital programs that Chairman Ryan put forward last year. His proposal slashes spending on federal programs by at least $5 trillion over the next decade, including at least $1 trillion from Medicare and Medicaid alone. Such cuts would devastate these programs and make them unable to provide service to the millions of Americans who rely on them.
- The proposal would block grant Medicaid and privatize Medicare. Both are irresponsible proposals that would make working Americans and seniors shoulder more healthcare costs.
- Additional proposals that are a direct assault on 99% of Americans include:
- Repealing the new healthcare law.
- Reducing federal workforce by 10 percent by 2015 and freezing federal pay through 2015.
- Capping federal support for low-income nutrition programs like food stamps.
- Shifting costs for low-income assistance programs to states.
- Limiting access to Pell Grants.