Washington DC - Congressional progressives have announced the formation of a new Tax the Greedy Billionaires coalition opposing a Republican budget proposal that calls for massive cuts to Medicaid and other social programs.

"Today, something is happening in America. Americans are rising up to say: we want a government by and for the people, not by and for the billionaires," Congressman Greg Casar, chair of the Congressional Progressive Caucus, said in a Capitol Hill press conference on Tuesday.

The new coalition – which includes People's Action, MoveOn, and other advocacy groups – aims to counter Republicans' tax agenda with a vision to reduce the US' enormous wealth inequality and boost social spending.

The move came as GOP members of Congress proposed a budget plan – backed by President Donald Trump – that would grant $4.5 trillion in tax breaks to the rich while gutting Medicaid, the Supplemental Nutrition Assistance Program, and more.

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"What House Republicans are trying to pass today is to steal from seniors, steal from children, steal from veterans, all to pay for tax cuts for the ultrarich," Casar said during Tuesday's news conference.

"They want to end Medicaid as we know it, just to pay for tax breaks for guys like Elon Musk," the Texas Democrat continued. "Their plan is the billionaires get richer, everybody else gets screwed."

"They think they've got a lot going for them. They've got the money. They've got the big corporations. They have the White House and the Republicans in Congress. But I don't really like their odds because House Republicans and billionaires are picking a fight with working Americans, and in a democracy, the people win."