Republicans invariably claim that Democrats want to raise your taxes, but Republicans want to give you a tax cut. Both claims are lies. In fact Obama and the Democrats have cut taxes for the 99% more than Bush ever did. The truth here is that Obama and the Democrats want to cut your taxes and raise taxes only on millionaires and billionaires. Conversely Republicans want to raise your taxes and cut them for millionaires and billionaires. The dirt is in the details.
House Republicans next week intend to vote on a plan that would both extend all of the Bush tax cuts — including those on income in excess of $250,000 — and fast-track “tax reform.” If the House GOP bill were adopted, tax reform legislation would “have special protections in the U.S. Senate [Murdoch delinked], limiting the opportunities for lawmakers to use blocking tactics.”
But the GOP bill only calls for a certain kind of tax reform — specifically that which would benefit the rich and corporations. Under the GOP’s fast-track approach, a tax reform bill would have to consist of:
(1) a consolidation of the current 6 individual income tax brackets into not more than two brackets of 10 and not more than 25 percent;
(2) a reduction in the corporate tax rate to not greater than 25 percent;
(3) a repeal of the Alternative Minimum Tax;
(4) a broadening of the tax base to maintain revenue between 18 and 19 percent of the economy; and
(5) a change from a ‘‘worldwide’’ to a ‘‘territorial’’ system of taxation.
As Citizens for Tax Justice noted, these changes would massively benefit the wealthy and corporations, shifting the tax burden down the income scale. In fact, consolidation of the tax code in the way the GOP envisions would give millionaires a $187,000 annual tax cut, while likely increasing taxes on the middle-class and working families, due to the elimination of deductions upon which they depend… [emphasis added]
Inserted from <Think Progress>
Picture credit: Think Progress
I’ve said it before, and I know I’ll say it again. Republicans govern exclusively for the benefit of millionaires, billionaires and corporate criminals.They do NOT represent YOU!