Here’s the latest budget proposal from House Republicans, the ones who promised to fix everything. But surprise — things are about to get a lot harder for working class Americans.

In summary, their plan allows billionaires to grow even wealthier, while burdening the working class with more financial strain. Take a moment to actually read what your elected officials are proposing — because it’s not going to benefit the people who need it most. There’s nothing in this plan that addresses rising grocery prices or puts more money in your pocket. Instead, it only increases your costs across the board. It’s absolutely insane.

Some highlights:

Eliminate Credit for Child and Dependent Care: Currently, taxpayers can claim a credit for a portion of their child and dependent care expenses, up to $2,100, to alleviate the financial burden of caregiving. This proposal seeks to eliminate this vital credit, which plays a significant role in supporting working families and ensuring access to affordable care for dependents.

Eliminate the Home Mortgage Interest Deduction: This proposal would fully repeal the deduction for mortgage interest on primary residences, which has long been an essential tax benefit for homeowners. The deduction incentivizes homeownership and helps offset the high costs of purchasing and maintaining a home. Eliminating this deduction would increase the financial strain on middle-class families and reduce the ability for many to invest in homeownership.

Eliminate all NFIP Subsidies: The National Flood Insurance Program (NFIP), administered by FEMA, offers crucial subsidies that make flood insurance more affordable for homeowners and businesses. These subsidies are particularly important in flood-prone areas, where insurance costs are often prohibitively high. Given the recent devastating floods in East Tennessee and Western North Carolina, eliminating these subsidies would leave many vulnerable communities at greater financial risk, especially as extreme weather events become more frequent and severe.

Eliminate Employer Paid Transportation Benefits: Employer-provided transportation benefits, including tax-free allowances for transit passes and parking (up to $315 per month), help ease the financial burden of commuting for workers. The proposal to eliminate this tax exclusion would increase the cost of commuting for many employees, impacting those who rely on these benefits to manage their transportation expenses.

Lower the Corporate Rate to 15 Percent: This proposal aims to reduce the corporate tax rate to 15 percent, resulting in a $522 billion cost to taxpayers. The Tax Cuts and Jobs Act (TCJA) already lowered the corporate tax rate from 35 percent to 21 percent, offering substantial relief to corporations. Further lowering the rate to 15 percent would disproportionately benefit large corporations while shifting the fiscal burden onto taxpayers, raising questions about the fairness and long-term sustainability of this approach.

Require Income Verification for School Breakfast Program (SBP) and National School Lunch Program (NSLP): This proposal seeks to implement income verification for participation in the SBP and NSLP, programs that currently provide free meals to qualifying students. The requirement to verify income would create unnecessary barriers for families in need, potentially leaving many children without access to nutritious meals during school hours.

Eliminate the American Opportunity Credit: The American Opportunity Tax Credit (AOTC) helps offset the costs of higher education by offering up to $2,500 annually for qualified education expenses. The proposed repeal of this credit would make college education more expensive for many students and their families, reducing access to higher education for lower- and middle-income individuals.

Eliminate Exclusion of Scholarship and Fellowship Income: Currently, qualified scholarships and fellowships used for tuition and related expenses are excluded from taxable income. This proposal seeks to make all scholarship and fellowship income taxable, adding an additional financial burden on students who already face significant challenges in paying for their education. Many students rely on these scholarships to pursue their academic goals, and taxing this income would make higher education even less accessible.

Eliminate Deduction for Charitable Contributions to Health Organizations: The proposal to eliminate the deduction for charitable contributions to health organizations, including patient advocacy groups and medical associations, would discourage philanthropic support for critical healthcare initiatives. Removing this deduction would reduce incentives for individuals and corporations to contribute to organizations that improve public health, support medical research, and advocate for patients’ rights.

https://www.finance.senate.gov/…/doc/budget_optionspdf.pdf

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