Taxes

Republicans Want to Pass Another $1 Trillion in Tax Cuts

JM Ashby
Written by JM Ashby

What exactly are Republicans planning to do other the next months? I mean, aside from holding more Email Hearings and leaving town early to campaign, do they have any other plans?

According to House Republican leaders, they intend to move another deficit-financed tax cut bill when they return from recess in September.

House tax committee Chairman Kevin Brady says his panel and the White House are considering a measure that would make permanent $1.1 trillion in tax cuts that were approved on a temporary basis in December for individuals, families and private businesses. The cuts are set to expire in 2025.

Brady, of Texas, says he aims to unveil a proposal before Congress departs Washington on July 26 for a summer campaigning break. He says he expects the House to vote on the measure before the Nov. 6 congressional elections.

Republicans can name-drop "individuals, families, and private businesses," but the overwhelming majority of their tax cuts were directed toward businesses, not families. The amount of money we've handed over to families is a pittance compared to the hundreds of billions in annual tax cuts we've handed over to corporations and businesses.

Average American families who actually saw some meager benefits from the tax cuts have already seen those benefits erased by the rising cost of living. Some families in certain states have also seen their taxes go up, not down.

Making these tax cuts permanent would be another budget-busting giveaway to the rich, not average families who make less than $56,000 per year.

I honestly don't know if it's good or bad news that Congress will leave Washington on the 26th and won't return until September. It will be good news if Trump follows their lead and fucks off to his golf course for a month.

When the bill comes due for this era of Republican government, it's going to make the Bush administration look like true fiscal conservatives.

  • muselet

    There are only a few things Rs really believe in: getting more money into the hands of the wealthiest, knuckling the poor and increased military spending. They things they most fervently claim to believe, they most emphatically do not.

    Abortion is merely something to jump up and down and howl piteously about every election cycle. Gun rights are important only as a cudgel with which to assault Ds. Deregulation is important only because it’s part of funneling money upward. Budget deficits and soverign debt are important in the same way as gun rights: they merely constitute a way to beat up on Ds.

    And, as has been noted many times before, when the Ds are in the majority and have to work to clean up the Rs’ mess, the entire Right will stand up and screech taxandspenddemocrats!

    The Rs do not deserve to hold a single elected office at any level anywhere in the country.

    –alopecia

  • Badgerite

    The whole purpose of the ‘tax cuts’ was a political show. It was designed to break future budgets by spending money on tax cuts for their donor base that are financed by governmental borrowing. They are borrowing money to fund a whopping tax cut for the richest in America. The fact that this is fiscally irresponsible does not matter to them as to run up a budget busting deficit for the future gives them an excuse to gut or end all of the programs that benefit middle class Americans ( Medicare, Social Security, Medicaid, etc) that they hate sooooo much. Clearly their marketing campaign that this utter give away to the richest was going to benefit the economy or ‘jobs’ or the middle class fell flat. They tried a temporary bribe ( which was to temporarily raise the standard deduction for the rest of us with a sunset provision so that the standard deduction would go back down in ten years.) Fell flat. They are still trying to sell these things as good for the rest of us.
    But the truth is that to fund the rise in the standard deduction, they did away with exemptions for dependents which was equal to $4000 per dependent. So, basically, the middle class is standing still in terms of benefit by this alleged tax cut.
    Initially they had proposed making the higher standard deduction sunset in ten years which would have left the average taxpayer with a higher tax bill since the dependent exemption was still going to be gone. Maybe they thought better of that with an election on the horizon. The fact is, this tax cut spending is on borrowed money and that money has to be paid back in the future by taxes levied on us. With interest. The way they propose to fund this massive give away to the richest people in America is to slash spending in the future by slashing all those programs that the middle class relies on more now than ever. They are about as honest about this as they are about trump not being an illegitimate traitor.

  • Aynwrong

    I hope this is a sign that they know they are about to be ousted. If they’re not, I think we can expect tax cuts like this about once a year.

  • gescove

    Gotta loot while the looting is good, amirite?