GOP Tax ‘Reform’: Get Ready for Tax Cuts for the Rich
For the last eight years, Republicans in Congress have gone into hysterics over President Obama’s budgets, attempting to misguide the American public that we were hurtling toward a ‘debt crisis.’
2009: Rep. Mike Pence: “Let’s not do this to our kids…Let’s not borrow from the next generation of Americans.”
2012: Then-GOP Budget Chairman Paul Ryan: “President Obama’s irresponsible budget is a recipe for a debt crisis and the decline of America.”
Now, with their Ryan-McConnell tax framework reveal, GOP hypocrisy is on full display with a tax ‘plan’ that assures rising national debt forever, giving away massive tax cuts to rich at the expense of America’s middle-class families.
Vox: Trump’s plan to sell tax cuts for the rich is to pretend they’re not happening
Republicans want to pass a large tax cut for high-income households. We know that because the House GOP’s tax reform blueprint features large tax cuts for high-income households.
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No major group of Americans except Republican Party donors and elected officials wants this policy. But Republicans are trying to pass it. So the plan is to sell it by not talking about it at all.
MarketWatch Op-Ed: GOP tax plan assures rising national debt forever
The goal is to cut the corporate tax rate to 20% (the president wants 15%) from the current statutory federal rate of 35%; reduce the number of individual tax brackets to three from the current seven, and perhaps cut the top individual marginal rate to 35% from its current 39.6%.
We’ll surely hear about how these tax cuts will boost economic growth and create thousands of well-paying jobs in the U.S. But we’re not likely to hear much about how Congress or the Trump administration expects to pay for them, because the simple fact is, they can’t, without taking on powerful special interests.
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That means the national debt will continue to grow, despite all the promises of Trump and the Republican Party leadership, who have been as adamant about the ballooning debt for the past six or seven years as they were about repealing and replacing Obamacare.
It’s time for President Trump and Congressional Republicans to put an end to their fast-moving multi-billion dollar campaign to give tax cuts to the rich, and join Democrats to offer hard-working American families A Better Deal: Better Jobs, Better Wages, Better Future – promising “Not One Penny” in tax cuts for the top 1 percent.