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"Americans will pay a steep price if Republicans move forward with this disastrous agenda," said Sen. Ron Wyden.
The House Republican Study Committee on Tuesday released a blueprint for a new budget reconciliation package with the purported goal of making "life more affordable for working families."
However, according to an analysis by Washington Post economic policy reporter Jacob Bogage, two of the three most expensive items in the GOP budget blueprint would be the elimination of the federal estate tax, which would provide a massive windfall to the richest US households, and indexing capital gains to inflation, which even the conservative American Enterprise Institute contends "would further distort taxpayer decisions and increase the ability to shelter income from taxation."
Other items in the GOP blueprint include refilling the Strategic Petroleum Reserve with oil seized from Venezuela, blocking federal funds for abortion providers, and a new "excise tax on colleges that allow trans women in sports."
Sen. Ron Wyden (D-Ore.), ranking member of the Senate Finance Committee, wasted no time ripping the proposal from the largest right-wing House caucus to pieces.
"After passing the largest health care cut in American history, Republicans are doubling down on a failed agenda that benefits billionaires and giant corporations while ripping away food, healthcare and other basic necessities,” Wyden said. “This legislation will eliminate protections for Americans with preexisting conditions, place more red tape between families and their healthcare, and seize ideological trophies instead of focusing on making life more affordable. Americans will pay a steep price if Republicans move forward with this disastrous agenda.”
Richard Phillips, pensions and tax policy director for Sen. Bernie Sanders (I-Vt.), marveled at the GOP loading up a bill supposedly focused on working families with massive giveaways to the wealthiest Americans.
"As part of it's new affordability agenda for the American people the Republican Study Committee reveals its plan to give the wealthiest 0.2% of estates a $281 billion tax break?" he wrote in a post on X.
Chuck Marr, vice president of federal tax policy at the Center on Budget and Policy Priorities, similarly called the GOP blueprint "tone deaf."
"Nothing says attack the affordability crisis working-class people face than Rs calling for eliminating the estate tax for the wealthiest heirs in the country—just months after giving them a $30 million tax free exemption," he wrote.
The GOP's second attempt at a budget reconciliation package comes months after it passed the One Big Beautiful Bill Act, a reconciliation package that gave more tax breaks to the rich, but cut Medicaid spending by nearly $1 trillion over the next decade, while also slashing spending on the Supplemental Nutrition Assistance Program by nearly $200 billion over the same period.
"This Republican budget is an attack on seniors, veterans, and the middle class," said the House Budget Committee's top Democrat.
U.S. House Budget Committee Democrats on Wednesday released a tool to help Americans understand how a newly unveiled Republican plan to cut Social Security "would hurt families across America."
The panel's Democrats targeted the Republican Study Committee (RSC), which includes around 80% of the chamber's GOP members and last month released a budget proposal for fiscal year 2025 that, according to Social Security Works president Nancy Altman, shows "the Republican Party is the party of cutting Social Security and Medicare, while giving tax handouts to billionaires."
Congressman Brendan Boyle, (D-Pa.), the House Budget Committee's ranking member, said at the time that Republicans had "now gone further than ever with their attacks" on the key programs, noting that their "extreme budget explicitly calls for cutting Social Security benefits for millions of Americans, ending Medicare as we know it, and making trillions in devastating cuts that would raise the cost of living for working families."
"Instead of saving Social Security and Medicare by making billionaires pay their fair share, House Republicans would rather break the sacred promise that every American should be able to retire with dignity. This Republican budget is an attack on seniors, veterans, and the middle class," he added.
Boyle also pledged that President Joe Biden and congressional Democrats "will fight to ensure it never becomes reality."
Nationally, the committee's Democrats warn on the webpage that hosts their new tool, the RSC plan would force "Americans to work longer for less" and "cut Social Security benefits for 257 million people, or 3 in 4 Americans."
The tool enables Americans to see how Republicans' proposal would impact each congressional district. For example, raising the retirement age for Americans 59 and younger would cut Social Security benefits for 620,000, or 80% of people in Pennsylvania's 2nd Congressional District, which Boyle represents. Statewide, it would affect 9.6 million—or 74% of residents.
RSC Chair Kevin Hern represents Oklahoma's 1st Congressional District. The plan would impact 630,000, or 79% of people there, according to the tool. Across the state, 3.1 million—77%—would face cuts.
The tool says that in Louisiana's 4th Congressional District, represented by Republican House Speaker Mike Johnson, 590,000, or 76% of people, would see cuts. The state total would be 3.6 million—also 77%.
The RSC plan for the next fiscal year—which begins in October—followed the release of budget proposals from Biden and House Budget Committee Chair Jodey Arrington (R-Texas), who is leading the fight for a fiscal commission that critics call a "death panel" designed to force through Social Security and Medicare cuts.
Biden, who is seeking reelection this year and expected to face former Republican President Donald Trump, has vowed to "protect and strengthen" the programs. Social Security Works' Altman has praised the president's proposal and warned that "Social Security is on the ballot this November."
Rep. Don Beyer warns the plan "would see unbridled benefits flowing to a wealthy and well-connected few while tens of millions of Americans lose healthcare, housing, retirement security, and food security."
As Republicans on Wednesday set their sights on a key seat opening up in the U.S. House of Representatives, the chamber's senior Democrat on the congressional Joint Economic Committee put out a blistering takedown of a top GOP budget proposal for the next fiscal year.
Congressman Don Beyer (D-Va.) took aim at the 180-page "Fiscal Sanity to Save America" plan released last week by the Republican Study Committee (RSC)—which includes about 80% of GOP House members—following proposals from Democratic President Joe Biden and House Budget Committee Chair Jodey Arrington (R-Texas).
"The Republican Study Committee budget is a blueprint for a dystopian hellscape," he warned. "The vision offered by this group, which counts 4 in 5 House Republicans as members, would see unbridled benefits flowing to a wealthy and well-connected few while tens of millions of Americans lose healthcare, housing, retirement security, and food security."
RSC proposals to "dramatically weaken healthcare," Beyer noted, include turning Medicare into a voucher plan and rolling back Inflation Reduction Act (IRA) provisions that cut costs for seniors; repealing tax subsidies for the Affordable Care Act and the law's protections for people with preexisting conditions; and transforming Medicaid and the Children's Health Insurance Program into block grants to states.
As Common Dreams has reported, in addition to seeking cuts to Medicare and Social Security—while claiming to do nothing of the sort—the RSC has also launched a full-fledged assault on reproductive healthcare and rights, promoting 42 bills that would ban abortions after 15 weeks or even earlier, require unnecessary ultrasounds and 24-hour waiting periods, prohibit the use of fetal stem cells for research, and threaten access to in vitro fertilization, among other restrictions.
In addition to attacking reproductive freedom and key programs for seniors and low-income families, Beyer highlighted, the RSC wants to "weaken public health, public safety, and environmental protections," while "cutting taxes for the wealthy, by a lot."
The RSC advocates ending green tax credits from the IRA and Infrastructure Investment and Jobs Act as well as slashing money for Community Oriented Policing Services and the Bipartisan Safer Communities Act. The committee also calls for permanently lowering taxes for the ultrarich, indexing capital gains taxes to inflation, repealing the estate tax, rolling back the IRA's corporate alternative minimum tax, and eliminating funding intended to help the Internal Revenue Service catch wealthy tax cheats.
"Democrats believe there is a better way to get our fiscal house in order without betraying our values," said Beyer. "That starts with making smart investments in our people and our future while demanding that the rich and large corporations pay their fair share in taxes. The contrast between the Democratic approach and this Republican budget could not possibly be clearer."
Biden's budget blueprint—released as he prepares for an electoral rematch against former Republican President Donald Trump, who infamously cut taxes for rich people and corporations—proposes a 25% minimum tax for individuals with wealth of more than $100 million, along with ending capital income tax breaks and closing other loopholes.
Polling results released Tuesday by Morning Consult show that a majority of voters across party lines in key swing states support raising taxes on people who make more than $400,000 per year.
Biden and the divided Congress this past weekend narrowly avoided a government shutdown by passing a long-delayed spending package. Fiscal year 2025 is set to begin in October, setting up another election-year fight over funding.
In what's been
dubbed the "Great Resignation," a growing number of House Republicans have announced that they are not seeking reelection or even exited their seats early—shrinking the party's already slim majority in the lower chamber.