billion. it will fully repeal the domestic sequester caps by securing $51 billion in additional funding including $6 billion to fight against the opioid crisis, $5.8 billion for the bipartisan child care development block grant, $2 billion for critical research at the national institutes of health and $20 billion to augment our existing ining infrastructure programs, including surface transportation, rural water and waste water, clean and safe drinking water, rural broadband so desperately needed in. large parts of rural america and energy infrastructure. and $4 billion for college affordability, including
something that is best described as pluto accuratic populism. a mixture of traditional populist causes with extreme libertarian ones. congress own think tanks, the joint committee on taxation and congressional budget office calculate that in ten years people making between $50,000 and $75,000 a year around the median income in america would effectively pay a whopping $4 billion more in taxes. while people making $1 million or more would pay $5.8 billion less, according to an analysis of the senate bill before its last-minute changes. and that doesn t take into account the massive cuts in services, health care and other benefits that would likely result. martin wolf, the sober and fact-based chief economics commentator for the financial times concludes, this is a determined effort to shift resources from the bottom, middle and even upper middle of the u.s. income distribution
as plutocratic populism. a mixture of traditional populist causes with extreme libertarian ones. congress own think tanks, the joint committee on taxation and congressional budget office calculate that in ten years people making between $50,000 and $75,000 a year around the median income in america would effectively pay a whopping $4 billion more in taxes. while people making $1 million or more would pay $5.8 billion less, according to an analysis of the senate bill before its last-minute changes. and that doesn t take into account the massive cuts in services, health care and other benefits that would likely result. martin wolf, the sober and fact-based chief economics commentator for the financial times concludes, this is a determined effort to shift resources from the bottom, middle and even upper middle of the u.s. income distribution toward the very top.
wrote an entire book denouncing trump s politics, bob corker who publicly called the president a danger to the country, putting us on the path to world war iii, even they are widely expected to fall in line and vote for this bill. every senator who does so is of course complicit in the republican devil s bargain. for the president, this bill is a tradeoff of a different sort. he ran as a defender of main street, a brand-new breed of republican looking out for working people and the forgotten man. that s not who this bill is designed to help, just the opposite. it is a massive transfer of wealth from workers and the middle class to the wealthiest people in this country. according to nonpartisan analysis, listen to this, by 2027 people making $40,000 or $50,000 would pay a combined $5.3 billion more in taxes. the group earning $1 million or more would get a $5.8 billion cut. it s actually straightforward. a dollar to dollar transfer essentially. the middle class pays more, the rich pay l
longer be here. as the president said on the record and several of you were in the room in the oval today, the secretary of state is here and we re working hard to get big things accomplished and close out what has already been a very strong and positive year. what is his future in the administration? i think his future right now is to continue working hard as the secretary of state, continue working with the president, to carry out his agenda. matthew? a question on taxes. the joint committee on taxation says that by 2027, people making between 40,000 and $50,000 a year will pay a combined 5.3 billion more in taxes under the current bill while those earning a million dollars or more will pay $5.8 billion less. coupled with that, the university of chicago surveyed 38 economists. only one said that the bill will lead to growth and all 38 said that the cut will increase the debt.