Dear john,
The non-partisan Congressional Budget Office continues to publish its findings on the Republican budget bill. It would:
- decrease household resources for the poorest Americans by 2% in the short term, and 4% by 2033
- increase household resources for the wealthiest Americans
- cut $698 billion from Medicaid;
- cut $267 billion from SNAP;
- increase the budget deficit by $3.8 trillion
I bring this up because did you know that the top 10 richest people in the United States made a combined $365 billion over the last 12 months?
Considering the Census says that the average American makes just over $50k a year, it would take that person 7.2 million years to make what those billionaires made since April of last year!
According to Oxfam, a three percent tax on wealth over $1 billion would raise nearly $52 billion just from the 10 richest billionaires. That is more than the entire federal budget for rental assistance vouchers and is enough to provide a year of Supplemental Nutrition Assistance Program (SNAP) benefits to 22.5 million people.
