FACT SHEET: Colorado Families Will Suffer From GOP’s Cuts While Millionaires and Billionaires Get Another Tax Cut

Oct 25th, 2017 | By | Category: Articles, Featured, Politics
By:  The Colorado Democratic Party

FACT SHEET: Colorado Families Will Suffer From GOP’s Cuts to Medicare, Medicaid, College Aid, Job Training, Nutrition Assistance, and Other Programs, While Millionaires and Billionaires Get Another Tax Cut

Last week, Senator Cory Gardner voted for the GOP budget which cuts programs for hardworking families to pay for tax breaks for the most fortunate. The House is set to vote on this disastrous budget on Thursday.

“If there’s a program your family depends on, chances are Republicans are gutting it so they can give a tax cut to millionaires and billionaires,” said Morgan Carroll, Colorado Democratic Party Chair. “This budget is a betrayal of middle-class and working people, especially older Americans who will see Medicare and Medicaid cuts while Donald Trump sees another tax cut. 30% of middle-class earners will even see a tax increase, while the most fortunate Americans will reap more and more and more. Democrats believe we should be investing in health care, education, and good jobs instead of cutting taxes for the most fortunate.”

Here’s how much Colorado families will suffer from the GOP’s move to cut programs to pay for tax breaks for the most fortunate Americans and biggest corporations:

MEDICARE:

·  The Senate budget calls for nearly $500 billion in cuts to Medicare.

·  In Colorado, 785,398  people who rely on Medicare are at risk.

·  Medicare beneficiaries make up 14 percent of Colorado’s  total population, including:

o    Seniors: 86 percent of Medicare beneficiaries in Colorado are seniors.

o    People with disabilities: 14 percent of Medicare beneficiaries in Colorado have a disability.

o    Women: 57 percent of Medicare beneficiaries in Colorado are women.

o    Hispanic communities: 12 percent of Medicare beneficiaries in Colorado are Hispanic.

o    Rural communities: Nearly one in four Medicare beneficiaries nationwide live in rural areas.

·  SOURCE:

o    KFF: Total Number of Medicare Beneficiaries

o    KFF: Distribution of Medicare Beneficiaries by Race/Ethnicity

o    KFF: Distribution of Medicare Beneficiaries by Eligibility Category

o    Medicare Payment Advisory Commission: Health care spending and the Medicare program

MEDICAID:

·  The Senate budget calls for more than $1 trillion in cuts to Medicaid – an even deeper cut than Republicans proposed in their health care repeal bills.

·  In Colorado 1,338,700 people who rely on Medicaid are at risk.

·  Medicaid beneficiaries make up 19 percent of Colorado’s total population, including:

o    Adults: 1 in 7 nonelderly adults in Colorado.

o    Children: 2 in 5 children in Colorado.

o    Seniors: 3 in 5 nursing home residents in Colorado.

o    People with disabilities: 2 in 5 people with disabilities in Colorado.

o    Women: 52 percent of nonelderly Medicaid beneficiaries in Colorado are women.

o    Hispanic communities: 33 percent of nonelderly Medicaid beneficiaries in Colorado are Hispanic.

o    Black communities: 24 percent of nonelderly Medicaid beneficiaries in Colorado are black.

o    Rural communities: Medicaid covers one in four nonelderly rural residents nationwide.

o    Veterans: 41,000 veterans in Colorado rely on Medicaid services.

·  SOURCE: KFF: Medicaid State Fact Sheets

NUTRITION & INCOME SECURITY PROGRAMS:

o The Senate budget calls for deep cuts to programs like the Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps, and Social Security.

o SNAP helps 476,000 of Colorado families and workers stay out of poverty and keep healthy food on the table.

o 74 percent of SNAP participants in Colorado are in families with children.

o    48 percent of SNAP participants in Colorado are in working families.

o 25 percent of SNAP participants in Colorado are in families with members who are seniors or have a disability.

o In 2016, SNAP benefits added $728 million to Colorado’s economy, because families spend their SNAP benefits at local grocery stores and other retailers.

o 111,625 Coloradans rely on Social Security Disability Insurance, which workers pay into so they can support their families if they develop a severe disability.

o SOURCE:

o    CBPP: SNAP State-by-State Fact Sheets

o    KFF: Total Disabled Social Security Disability Insurance

TAX CUTS FOR WEALTHY:

·  By passing the Senate budget, Republicans have cleared the first hurdle in moving forward to a vote on a tax bill that has been written in secret and few have seen. If the Republican tax plan were to pass:

·  The richest one percent of Colorado residents would receive 60 percent of the state’s total tax cuts in 2018. These households are projected to earn at least $637,800 next year and would see an average tax cut of $86,480 in 2018.

·  In stark contrast, middle-class Coloradans would only receive 7 percent of the state’s total tax cuts. These households would only get an average tax cut of $510 in 2018.

·  Millionaires alone would get 45.5 percent of the state’s total tax cuts. Their average tax cut would be 334 times the tax cut middle class families would get.

·  17 percent of Colorado households would face a tax hike if the GOP tax plan was in effect in 2018.

·  SOURCE: ITEP State-by-State Impact of GOP tax plan and attached spreadsheet.

OTHER CUTS:

·  CUTS TO EDUCATION AND TRAINING: Nationwide, the Senate budget cuts close to $200 billion from services like Pell Grants and student loan assistance over the next decade.

 

 

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