KENNEDY FIGHTS TO STOP TAX GIVEAWAYS FOR THE WEALTHY AT THE EXPENSE OF MEDICARE, MEDICAID AND HEALTH CARE BUSH’S BUDGET GIVES $50 BILLION IN TAX GIVEAWAYS TO THE WEALTHY WHILE ROBBING $50 BILLION FROM MEDICARE AND MEDICAID

Washington, DC: Today Senator Edward M. Kennedy continues his fight to stop the tax giveaways for the wealthy by bringing to a vote his request that conferees reject any House proposal to extend the capital gains and dividends tax cuts. Senator Kennedy believes that those funds would be better spent on Medicare, Medicaid and fixing the nation’s healthcare crisis. The House version of the bill provides tax breaks on capital gains and dividend income that will take $50 billion over the next ten years and give it to people who are already wealthy. The President’s budget cuts almost $50 billion from Medicare and Medicaid for the next five years, harming health care for our seniors, for the disabled, and for the poor. Senator Kennedy said, “Again and again and again, under this Republican President and this Republican Congress, we’ve seen trillions of their tax dollars given away in tax breaks to the wealthy and to corporations while the rest of America is asked to sacrifice. It’s wrong to give away $50 billion in tax breaks for the wealthy while cutting $50 billion from Medicare, Medicaid and other healthcare needs. Those are the wrong priorities for America, and the motion I offer today gives the Senate a chance to set things right.” Below are Kennedy’s remarks from the floor yesterday and a fact sheet on the Presidents budget on healthcare.