Budget Estimates Show New Tax Cuts for Wealthiest Americans Threaten Middle-Class Retirement

Social Security and Medicare benefits could be in jeopardy if House Republicans get their wishes and pass new tax cuts favoring the wealthiest Americans. The House GOP is readying a series of new tax cuts for votes later this week. The centerpiece of these is a bill to make the temporary individual tax cuts in the Tax Cuts and Jobs Act of 2017 (TCJA) permanent. These cuts disproportionately favor the richest households and blow an ever increasing hole in the budget. Larry Kudlow, President Trump’s economic advisor, has already used these costs to advocate for cuts to Social Security and Medicare. Middle-class Americans would pay for wasteful tax cuts for the wealthy with substantially less retirement security in the coming decades.

This article was originally published in Forbes.