After a couple of weeks of no progress on the debt ceiling thing the GOP has come up with a plan (they always have a plan that does little to solve the problem…..as usual it will involve benefits for business and of course the inevitable tax cuts.
Here is a look at this ‘plan’…..
With the U.S. careening toward a default crisis that they manufactured, House Republicans are reportedly crafting a major tax cut package that would overwhelmingly benefit the rich and corporations while blowing a multitrillion-dollar hole in the federal deficit.
The fresh push for tax cuts, according to Rep. Ilhan Omar (D-Minn.), further shows that “this hostage crisis has never been about deficits for the GOP.”
“It has always been about wealth transfer—taking away food and healthcare from the poor and middle class to give away $3 trillion more in tax cuts to their rich friends,” Omar, the deputy chair of the Congressional Progressive Caucus, tweeted Tuesday.
Politicoreported earlier this week that Republicans on the House Ways and Means Committee hope to finish work on their emerging tax legislation by June 16, just over two weeks after the so-called “X-date”—the day on which the Treasury Department expects the federal government to run out of money to cover its obligations unless Congress raises the debt limit or President Joe Biden acts unilaterally.
“Key parts of the [tax cut] package… will likely include a full restoration of research and development deductions, full bonus depreciation, removing caps on business interest expensing, and a doubling of the $1.08 million limitation on the section 179 deduction (which, like bonus depreciation, allows a company to deduct an asset’s cost up-front),” Politico noted.
The Congressional Budget Office (CBO) estimated last week that extending the individual provisions of the 2017 tax cuts—which are currently set to expire in 2025—would add $2.5 trillion to the deficit over the next decade. The original law made the cut to the corporate tax rate from 35% to 21% permanent.
https://www.commondreams.org/news/gop-tax-cuts-debt-limit
Let me ask you….if you have a debt problem would cutting your income help solve your problem?
GOP wants to cut the revenue that the country gets….but they want to keep spending on stupidity like wars…..I cannot see our debt ceiling problem being solved by these plans from the Right.
They keep doing this horrible plan so that they can attack social safety nets while giving a helping hand to those that need no help.
But these plans do keep the dollars rolling into their coffers….and that is what it is all about.
Pay attention!
I Read, I Write, You Know
“lego ergo scribo”
In Saner Thought 