GOP eyes Medicaid and SNAP cuts to fund tax breaks for rich
Republicans are considering cuts to Medicaid and Supplemental Nutrition Assistance Program (SNAP) benefits to offset the cost of extending tax cuts for the wealthy and corporations.
As the GOP prepares to take control of Congress, there are discussions about introducing strict work requirements and spending caps on these programs.
The proposed changes aim to reduce the $4.6 trillion deficit projected from extending 2017 tax cuts.
Despite research showing that work requirements do not effectively increase employment, Republicans see these changes as a way to save money.
Critics, like Rep. Summer Lee, argue these cuts will harm vulnerable Americans to fund tax breaks for the rich.
On the campaign trail earlier this year, Trump proposed reducing the corporate tax rate from 21% to 15%.
That change would give the 100 largest U.S. corporations a combined tax cut of $48 billion a year.
Last month, the Institute on Taxation and Economic Policy released an analysis showing that Trump’s tax proposals would deliver annual tax cuts to the top 5% and tax hikes for the bottom 95%.
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