The Senate passed a budget that gave the top richest 0.1% Americans the largest tax break in this country’s history. It throws an estimated 14 million to 20 million Americans off Medicaid and will probably close the majority of rural hospitals over the next six years. Billions of cuts to Medicare were slipped into this bill scheduled to hit after the 2028 election so that if a Democrat wins back the presidency, the devastating cuts can be blamed on them.
This tax cut will be the largest transfer of wealth from poor to rich the world has ever seen. The richest 0.1% of Americans (134,000 households) currently own $11 trillion in equities, their largest asset class. This is worth more than the total combined wealth assets of the bottom 50% of Americans (66.6 million households).
The richest Americans now own nearly a full third of the country’s total wealth. And within that select group, the top 0.1% own nearly 15% of America’s wealth, compared to the around 3% held by the entire bottom 50%.
And this is before the tax cuts granted by the budget passed by the House and Senate in this abomination of a bill.
Call your congressman! 202-224-3121.
Harold Franklin Weaver
Hempfield