GOP House Ways and Means Committee Advances Bill to Give Billions Away to Billionaires, Paid for by Cuts to Medicaid and SNAP

Today, House Republicans on the Ways and Means Committee voted to advance the tax portion of their reconciliation bill, which would grant massive tax breaks to billionaires and large corporations. This bill not only extends Trump’s original tax cuts but also increases tax benefits for the wealthy by making them larger. For example, the bill would raise the estate tax exemption to $15 million for individuals and $30 million for couples, and expand the pass-through loophole to 23% while making it easier for the wealthy to claim the deduction.

All of these giveaways to the ultra-wealthy would be funded by deep cuts to Medicaid, nutrition programs that support children and veterans, and other essential services. The small portions of the bill that may benefit low- and middle-income families are set to expire in 3-4 years, while wealthy individuals will benefit from permanent tax breaks. The bill would give $55,000 a year to households with a million dollars of income and up, $800 million a year to the 400 richest Americans, and billions more to the biggest corporations in the world.

“Every Republican member on the House Ways and Means Committee voted to extend one of the largest tax giveaways to the rich ever recorded—and then made the tax breaks even bigger—all at the expense of workers and families,” said David Kass, ATF Executive Director. “The billionaire-backed GOP majority can’t hide the truth from their constituents. Millions of Americans will lose life-saving Medicaid coverage and nutritional services while saddling the nation’s future with trillions in debt, all so their billionaire backers can avoid paying anything close to their fair share in taxes. This fight is not over by any means. We call on all Americans to reach out to their representatives and urge them to vote down this disastrous bill, and use every tool at their disposal to stop it.”