HONOLULU (KHON2) -- United States Senator Brian Schatz (D-Hawai‘i) is speaking out against the Republican-led tax plan that, according to him, will only benefit the wealthiest corporations and individuals while hurting working Americans. This criticism comes after Republicans unveiled a proposal to reduce taxes for billionaires, funded by deep cuts to essential social programs like Medicare, Medicaid and the Affordable Care Act (ACA). Get Hawaii's latest morning news delivered to your inbox, sign up for News 2 You The plan, Schatz argued, is not what voters were promised during the last election. "After months of swearing up and down that they were focused on lowering the price of eggs, the price of groceries, the price of gas, the price of insurance... the very first thing that Donald Trump and the Republicans have decided to do is cut taxes for billionaire corporations, and they're going to pay for it by ripping off working Americans," said Schatz. He highlighted the contradiction between the Republican rhetoric of lowering everyday costs and the reality of their tax proposal which aims to slash vital programs that millions of Americans depend on. According to Schatz, the plan involves cuts totaling $700 billion to Medicaid, $500 billion to Medicare and more than $150 billion in cuts to the ACA subsidies, which help millions of families afford health care. "People were right to be upset about the cost of eggs or gas, but the real solution isn’t to make them pay more out of pocket. The solution isn’t to take away their health care or their social safety nets to give tax breaks to billionaires," Schatz said in his speech. "This is not a political talking point. It’s the reality of what’s happening." Schatz pointed out that the cuts in social programs would directly impact people who are already struggling. "You’re taking money from people who need it the most and giving it to the richest people in the world," he added. "You’re making health care even less affordable and increasing financial insecurity for millions." A key part of the Republican plan, Schatz explained, involves eliminating a minimum tax rate for large corporations. He noted that, in the past, many of the wealthiest companies were paying zero taxes; and it was the Democrats who worked to put in place a minimum tax rate* to ensure that these corporations contributed fairly to the economy. Now, the Republicans aim to reverse that policy. Schatz criticized the move as a clear example of how the two parties differ in their priorities. "I don't know anybody who thinks the solution to people paying too much out-of-pocket is to make them pay more out-of-pocket," Schatz said as he shook his head. "We have a responsibility to stand up for the people who are struggling. And right now, those are the people who are going to get hit hardest by this plan." The senator was not alone in his opposition. He was joined on the Senate floor by several of his Democratic colleagues, including Senators Sheldon Whitehouse (D-R.I.), Jeff Merkley (D-Ore.) and Cory Booker (D-N.J.), all of whom echoed his concerns about the harmful impacts of the Republican proposal. Schatz argued that this plan is a direct contradiction to what many Americans were led to believe was the Republican focus: reducing costs for everyday people. He pointed to the fact that inflation has slowed, gas prices have dropped and the economy is improving; yet the GOP's priorities seem to be solely focused on helping the wealthiest corporations. "They campaigned on misleading people. They said they were concerned about the rising costs of everyday goods, but their first priority is to give tax breaks to billion-dollar corporations and the super-rich. This is the difference between the two parties," Schatz said as he stod firm in his critique of the Republican Party's actions. The senator also expressed frustration over the growing divide between the wealthy and the working class. "How many times have we seen the same story?" Schatz asked. "Every time Republicans take control, they cut taxes for the wealthiest individuals and corporations while the rest of America pays the price. It’s just a cycle we can’t continue." Schatz’s criticisms are not just about the financial impact but also about fairness. "This is about basic fairness. Why should we be subsidizing private jet flights or lowering the tax rates for people who already have more money than they know what to do with?" he asked. "We should be investing in our people, in our communities, not making it harder for people to get the care they need or afford their bills." The senator has made it clear that he and his colleagues will not remain silent about this issue. "We're not going to stop talking about this. Every week, every opportunity we get, we will be talking about this. Because it’s important to highlight the reality of what’s happening," Schatz said. "This is the fight we have to have. And we’re not going to let up." As the debate continues, Schatz and his colleagues are focused on pushing back against what they see as a harmful tax policy. The senator’s message is clear: the focus should be on making life better for working Americans, not giving tax breaks to the wealthiest people in the country. "It's time for the American people to know what's really going on," Schatz said. "And we're not going to stop until we make sure they understand the cost of these tax cuts. The price is too high, and it's being paid by people who can least afford it." Schatz and his colleagues will continue to rally against the proposal and to emphasize the need to protect the programs that millions of Americans rely on for their health and well-being. For now, they are committed to standing up for the people of Hawai‘i and the rest of the country in order to ensure that their voices are heard in the ongoing debate over tax policy and social spending. Get news on the go with KHON 2GO, KHON's morning podcast, every morning at 8 *Democrats introduced a minimum corporate tax rate as part of the American Rescue Plan Act of 2021. Specifically, the plan included provisions that aimed to ensure large corporations paid at least a minimum level of taxes. However, the broader and more specific minimum tax for corporations was part of the Infrastructure Investment and Jobs Act (also known as the Bipartisan Infrastructure Bill) signed into law by President Joe Biden in November 2021. This provision included a 15% minimum tax rate on corporations earning over $1 billion in profits, ensuring that these companies could no longer avoid paying taxes through loopholes.