Republican Budget: Seniors Sacrifice to Create More Tax Giveaways for Millionaires
We shouldn't hurt seniors to create tax giveaways for millionaires and oil companies, but that is exactly what the Republican budget does. It ends Medicare as we know it, puts a larger burden on the middle class and seniors, while millionaires get even more tax cuts.
Fast Facts about the Republican Budget
✓ GOP Budget = Seniors Pay More, Get Less.
The Republican budget ends Medicare as we know it and replaces it with a voucher to private insurance companies for future beneficiaries, forcing them into a more expensive private plan that will cost $6,000 more for the same coverage. In the first ten years, the Republican budget cuts Medicare by $30 billion.
✓ The GOP Budget Hurts Current Seniors.
The Republican budget reopens the Medicare prescription drug "donut hole," increasing costs for seniors currently on the program. As more people leave the traditional Medicare system over time, seniors left in the system are likely to face higher costs and fewer doctors.
✓ GOP Budget Cuts Taxes Even More for Millionaires.
The Republican budget lowers the income tax rate for the wealthiest to the lowest it has been since President Herbert Hoover.
✓ GOP Budget Keeps $40 Billion in Tax Giveaways to Big Oil Companies As Profits and Gas Prices Soar.
The Republican budget keeps giving big oil companies $40 billion in tax giveaways, even when gas prices keep rising. Exxon is expecting to see a more than 50% increase in profits due to rising gas prices. In 2008, ExxonMobil set a new record by making more than $45 billion in profits.
✓ GOP Budget Increases the Debt.
The Republican budget adds $6 trillion in new debt over the next decade, which will require raising the debt ceiling.
