Rep. Cisneros Opposes Republican Budget for Billionaires

April 10, 2025
Press Release
Washington, DC – Today, Congressman Gilbert R. Cisneros, Jr. (CA-31) released the following statement after House Republicans pushed through President Trump’s flawed budget that extends tax cuts for corporations and billionaires at the expense of cutting Medicaid coverage for millions of Americans: 
“I’m deeply disappointed in my Republican colleagues who bowed to President Trump’s demands on this flawed and dangerous budget request. Let’s be clear, the only way to pay for the President’s $7 trillion tax giveaway to billionaires and corporations is to gut Medicaid and slash food assistance programs for students and seniors. It’s disingenuous for Washington Republicans to claim otherwise. I refuse to put healthcare coverage for our most vulnerable and food for our kids and grandparents on the chopping block. I opposed this budget because I believe government should work to promote the well-being of the American people, not big corporations and billionaire robber barons like Elon Musk. This Republican majority needs to stop promoting the partisan whims of the Trump Administration and join Democrats on common-sense measures to lower costs for everyday working families.”  
Who’s hurt: 
  • Under the Republican budget plan, the 41,000 people who receive coverage under the Affordable Care Act in CA-31 would see their average premium go up by $2,040 per year, a 100% increase. 
  • A 60-year-old couple with a household income of $85,000 in CA-31 would see their health insurance costs increase by $13,600 per year, a 188% increase in premiums. 
  • In CA-31, the 282,307 people on Medicaid (Medi-Cal) are at risk of losing their health care under Republican budget plans. This includes 103,001 children under the age of 19 and 37,000 seniors over 65. 
  • The Republican budget plan threatens the 75,000 people in CA-31 who count on SNAP to put food on the table. 
  • Across California, the Republican budget threatens 2,452,931 children who rely on free school lunches. 
  • The Republican budget would jeopardize the futures of 10,967 students in CA-31 who use Pell grants to help afford their education. 
Who benefits: 
  • The Treasury Department found that the extension of the 2017 Trump tax cuts would give an average annual tax cut of $32,118 for those in the top 1% (those making over $750,000 a year) and an average annual tax cut of $314,266 for those in the top 0.1% (those making over $3.5 million a year).  
  • Nearly half the net benefit of extending the law would only go to the top 5%, or those making more than $450,000 a year. 
  • Extending the Trump tax cuts would benefit corporations at the expense of lowering costs for everyday American consumers. Following the 2017 Trump tax cuts, the top 11 US consumer goods corporations spent $463 billion on stock buybacks and only paid $140 billion in federal taxes. They used their savings to supercharge purchases that enriched investors instead of lowering prices on goods essential to daily life.  
  • President Trump’s proposal to further reduce the corporate tax rate to 15% would give the 100 largest corporations in America a $50 billion per year profit. 
    • Specifically, the largest 100 U.S. companies would receive a total estimated annual tax cut of $48 billion. They reported $1.1 trillion in profits in their last annual report. 
    • The 10 largest U.S. companies alone, including Meta, Tesla, and JPMorgan Chase, would receive a total estimated annual tax cut of $23 billion. They reported more than $520 billion in profits in their last annual report. 
 
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Issues: Economy