By CHN
August 15, 2018
Editor’s note: The op-ed excerpted below was written by Frank Clemente, executive director of Americans for Tax Fairness, and Margarida Jorge, co-director of Health Care for America Now! It was originally published by The Hill on Aug. 9.
On Aug. 12, the New York Times editorial board published a piece titled, “You Know Who the Tax Cuts Helped? Rich People.” The editorial notes that companies are using a large portion of their tax cut windfall to buy back their own stock rather than invest in factories or give raises to workers. The piece also notes that “the deficit and the federal debt are growing – and at a stunning pace” and that “corporate tax revenue is plummeting – the [Congressional Budget Office] predicts a drop of 27 percent this year.” Rising deficits and falling revenue will certainly drive members of Congress to look for cuts – and human needs programs, including health care programs, could very well be on the chopping block, as our friends Frank and Margarida point out in their op-ed.
GOP tax law isn’t just about taxes — it’s undermining American health care
As President Trump and Republicans in Congress push for a second round of tax cuts, it’s important to look at how the first Trump-GOP tax law adopted last December hurt working families. One of the worst ways has nothing to do with taxes.
Besides giving most of the benefits to the wealthy and corporations and failing to increase worker pay as promised, the tax law also jeopardizes health care for millions.
It does this in two ways. First, by driving up deficits by about $2 trillion over 10 years, the law puts Medicare, Medicaid and the Affordable Care Act (ACA) in the line of fire. Trump and Congressional Republicans are already using the massive deficits their tax cuts created as an excuse to cut between $1 and $2 trillion from these health care programs.
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