Donald Trump’s Republican plan to overhaul Medicare, Social Security and Medicaid would slash benefits for millions of seniors, cut back on benefits for children and would eliminate many programs that provide care to the poor and disabled.
The Republican plan would also eliminate the federal government’s $716 billion in funding for mental health and substance abuse services, as well as Medicaid, which is a key part of the federal-state health insurance program for low-income seniors and people with disabilities.
A White House official said the cuts are part of a broader goal to cut $700 billion from the government’s budget over 10 years.
Trump said the plan would cut the size of the national debt, cut taxes for the middle class and help businesses grow.
A new report from the left-leaning Economic Policy Institute says the Republican plan will do all three, and that Trump’s plan could increase the deficit and cost the middle and working class trillions of dollars.
The report notes that Trump, who campaigned on a promise to lower taxes and eliminate the national debts, is now trying to make it more difficult for the wealthy and powerful to pass on the savings to the middle-class and working-class.
Trump has said he’s in favor of a “big cut” to Medicare, but has yet to commit to a specific plan.
“If you’re not going to cut Medicare, then don’t touch Social Security, Medicaid, or Medicaid,” Trump said during a campaign event last month.
“Medicare, Medicaid — all three of them — are really important for seniors, and for people who are very poor.”
The White House said the budget plan does not address the “extraordinary” financial pressures facing seniors.
Trump’s tax plan has not yet been released.
He has said it would be “much, much, much higher” than his proposed tax cut for the rich.
In the past, Trump has promised to cut taxes on the wealthy.
“I am going to give you massive tax cuts,” Trump told NBC’s Meet the Press in January.
“It will be tremendous.
You will have tremendous tax cuts.
We are going to do it.
We’re going to have it.”
The plan would have reduced the corporate tax rate from 35 percent to 15 percent.
The plan also calls for eliminating a program known as the Alternative Minimum Tax, which has been used to offset taxes on some wealthy individuals and corporations.
“These changes would reduce the deficit, while preserving vital social programs,” said the White House.
The White New York research and analysis firm said the tax cuts would result in $2.5 trillion in economic growth over 10 year periods.
That’s a significant amount of growth that Trump would not be able to afford.
“The White House’s claim that the tax plan would increase the nation’s deficit and hurt middle- and working people is false,” the institute wrote.
“We find this claim to be completely false.”
The institute added that the plan “would cut Social Security benefits and lower benefits for people with pre-existing conditions, increase the cost of prescription drugs, and increase the amount of health care for the poor.”
A White house official said that the administration is in the process of evaluating the plan and will release it once the final budget is finalized.