Politics

Add It Up: House GOP Whip Eric Cantor?s Plan to Add $2.7 Trillion More to Deficit

By Speaker's Press Shop

Congressional Republicans want to go back to the ?exact same? agenda that nearly doubled the national debt and more than doubled the foreign-held debt. Now, they?re at it again.

In the Wall Street Journal, House Republican Whip Eric Cantor called for a series of tax proposals that would favor the wealthiest few ? and add at least $2 trillion to the deficit ? and that?s not including the $700 billion bailout he wants to give millionaires and billionaires. Does the Republican Leadership support Mr. Cantor? What about rank and file Congressional Republicans?

CANTOR?S DEFICIT-BUSTING TAX BILL:

Eliminating the capital gains tax. COST ? UP TO $1.24 TRILLION OVER 10 YEARS
According to the nonpartisan Congressional Budget Office, the current tax rate on capital gains is projected to bring in about $1.24 trillion in federal receipts over 10 years. [CBO, 1/10/10] So eliminating this tax could cost middle-class Americans up to $1.24 trillion over 10 years, while giving even more tax breaks to the wealthiest Americans. For example, the Joint Committee on Taxation indicated that for 2005, 88 percent of the benefit of lower rates for capital gains would go to individuals with incomes over $200,000. [CRS, 2007]

Reducing the top corporate tax rate to 25 percent. COST ? MORE THAN $734.7 BILLION OVER 10 YEARS [Tax Policy Center, 9/15/08]

Implementing a flat tax. COST ? HIGHER TAXES FOR THE MIDDLE CLASS
A flat tax could increase taxes on the middle class by thousands of dollars a year, while cutting taxes for the top 1 percent by more than $200,000. [Citizens for Tax Justice, 2/19/10]

A permanent bailout for billionaires and millionaires (the wealthiest 2 percent of Americans). COST – $700 BILLION OVER 10 YEARS [Washington Post, 9/8/10]

In addition to Mr. Cantor?s irresponsible tax agenda that saddles trillions more debt on hardworking American families, Congressional Republicans are pledging to hold middle-class tax cuts hostage to give tax cuts for top wealthiest 2 percent.

This is just another example of the GOP?s willingness to pay for tax cuts for big corporate special interests, millionaires, and billionaires off the backs of middle-class Americans, their families and small businesses.

Democrats are moving America forward on behalf of the middle class.

Full post as published by The Gavel on October 05, 2010 (boomark / email).