Democratic state treasurers rip GOP over budget bill — ‘taxing Barbies and G.I. Joes if you can even find them on store shelves’

• Republicans in the House of Representatives released new details About the Republican Party Tax Plan, feeding the debate about spending discounts that may affect the Medicaid program and other assistance programs. During a call on Monday, Democrats officials criticized the Republican Party budget bill, saying that the cuts in services will leave adults and children at risk who are struggling with unnecessary food insecurity and lower resources to reach medical care.

Financial leaders in the democratic state retreat quickly and loudly on the budget budget bill with new details about tax provisions before the House of Representatives Committee meeting on Tuesday. The budget bill determines the total federal spending agenda, including goals and spending cuts that will fund tax cuts.

According to the Tank Tax policy Center (TPC), a preliminary analysis found that although all income groups will benefit from the tax proposal, more than two -thirds of the included tax cuts will go to families with $ 217,000 or more. TPC reported that the highest 1 %, those who achieve more than $ 1.1 million, will witness a quarter of tax discounts. In general, the bill reduces taxes by about $ 5 trillion over the next ten years.

One of the main problems is the effect on Medicaid, which may witness discounts of $ 880 billion. Some Democrats suggested healthcare discounts to reduce spending by $ 715 billion.

On Monday’s invitation, which included the Massachusetts Democratic Treasury, Washington State, Illinois, and Houston observer, financial officials erupted on the budget bill.

“The Republicans pushed this thinking during the Reagan era that if we are only free at the wealthy capital of the Americans, it will be reintestive and stimulating local economies in one way or another, expanding the scope of work, and exchanging wealth for all,” said Washington State Secretary Mike Pelicioti.

This opinion is “dated.” Moreover, the massive fluctuations in the American trade policy prompted investors and companies to rethink capital strategies in the United States. Investors are now looking for abroad for investment opportunities for fear that they cannot rely on the strong economic policy in the United States

“The arrangement based on the rules that dominated nearly a century is subject to a tremendous stress test, and those who have wealth and capital to isolate themselves and adapt to this new reality will do that.”

The treasury secretary in Illinois Michael Fretchs said that Republicans in the House of Representatives are implementing President Trump to reduce spending on health care to finance the tax cuts of the wealthy Americans. Ferrich said the effect is that millions of Americans are losing health care, including hundreds of thousands in Illinois.

“The countries do not have additional revenue of $ 715 billion,” Fritsz said. “What Republicans propose Trump is a budget that takes the taxes that it pays to the federal government and reduces programs that keep hearts that keep hearts and cancer in a critical position to provide tax cuts to the wealthy.”

He complained that the costs of groceries, clothes and electronics rise as a result of the “heterogeneous chaotic tariff war”, while the total agenda will lead to “the imposition of taxes on Barbie and Gi Joes, even if they can find them on store shelves.”

The White House did not immediately respond to a request for comment.

Republican MP Brett Gutry A written Wall Street Journal An editorial that the Democrats will use the tax plan as an opportunity to engage in distorting fear “and will lead to bad invoice as” an attack on medicaid “.

“In fact, it maintains and enhances medicaid for children, mothers, persons with disabilities and the elderly – for whom the program was designed.”

Peckchioti said, during the Monday call, that a mixture of discounts in health care and infrastructure services, as well as tax changes and commercial policy, will turn into tectonic transformations that will erode the economic environment.

“Looking at the additional capital through tax exemptions, we expect that wealthy investors will continue to transfer their money abroad,” Pelixioti said. “The financing industry and stock companies will do what its customers earn the biggest profit.”

This story was originally shown on Fortune.com

2025-05-13 07:37:00