Over 9 million working and retired veterans would be seriously hurt in at least one of three major ways by the tax plan making its way through Congress, and the specific measures being considered right now by the Senate.
1) A TAX INCREASE IN 2027 FOR 9 OUT OF 10 VETERANS WITH ALMOST NO TEMPORARY REDUCTIONS BEFORE THEN:
Everyone making less than $100k per year—9 out of 10 veterans–will see either a temporary minimal tax cut, ½ of 1%, or an increase while the very rich would see major tax cuts. In 2027 and thereafter 94 million households would get a permanent tax increase, that’s half of all American households. (Tax Policy Center)
o The top 1 percent would see a $32,510 average tax cut
o The top 0.1 percent would see a $208,060 average tax cut
2) MEDICARE CUTS WOULD HURT HALF OF ALL VETERANS:
Half of all veterans are enrolled in Medicare (U.S. Census, see link below) and would see their benefits substantially reduced because the bill in the Senate triggers an automatic reduction in Medicare spending by $473 billion over ten years according to the Congressional Budget Office. This cut in Medicare is required by law because the Senate bill would increase the national debt by $1.4 trillion and must be paid for by reducing spending by a like amount. https://www.census.gov/
3) MEDICAID CUTS WOULD HURT ONE IN TEN VETERANS:
The 875,000 veterans under 66 years of age who are covered by Medicaid would see major cuts because Congress is required by law to cut the program by $1 trillion over ten years to pay for the $1.4 trillion in tax reductions the current tax plan gives mainly to the rich. Two out of five of veterans who are covered by Medicaid use it as their only source of health coverage. (Source: Kaiser Family Foundation https://www.kff.org/
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