Republican Senators Demand Another Tax Break For The Wealthy
More than 20 Republican senators are demanding yet another massive tax break for wealthy Americans.
In a letter addressed to Treasury Secretary Steven Mnuchin, the lawmakers begged the administration to tie capital gains to inflation. The senators, led by Ted Cruz (R-TX), claimed the move would benefit the economy, but a 2018 analysis by the Center on Budget and Policy Priorities found it would mostly benefit the wealthy.
Such a policy would cost the government about $100 billion to $200 billion in revenue over ten years, placing it on the backs of American taxpayers. Additionally, 86 percent of the benefits would flow only to the top 1 percent of households, according to the analysis.
Apparently the wealthy haven’t cut enough breaks lately under the Trump administration.
The conservatives’ demands follow a budget compromise between Trump and Democrats to raise the debt ceiling, the deadline of which was sped up by the GOP’s 2017 tax scam.
That tax scam, passed solely by Republican lawmakers, cost American taxpayers a whopping $1.5 trillion and mostly benefited wealthy corporations.
Due to the high price tag, the administration has been eager to make deep cuts to important safety net programs. The White House has proposed cutting more than 3 million poor Americans off of food stamps to save the government money. The administration has also taken aim at education, hoping to slash billions from the Education Department. In 2018, the administration denied federal workers their 2.1 percent raise due to “serious economic conditions affecting the general welfare.”
Additionally, the tax cuts did not help grow the economy how Republican lawmakers claimed they would. A March report from the White House Council of Economic Advisers (CEA) found that the economy will not sustain even a 3 percent growth for the foreseeable future.
It seems the GOP hasn’t learned its lesson and will do anything to make sure money flows only to the rich and powerful.
Published with permission of The American Independent.
BREAKING: Ted Cruz Still Thinks You’re Dumb
In November, Senator Ted Cruz (R-TX) told a crowd not made up of Tea Partiers that he didn’t want a government shutdown — and they laughed.
On ABC’s This Week, the senator made the same point and even Jon Karl — a journalist who was nurtured by the conservative movement — didn’t buy it.
“You have had a couple of months to think about this whole government shutdown strategy,” Karl said. “Now that it’s over in hindsight, are you prepared to say that it was a mistake, it wasn’t the right tactic?”
“I think it was absolutely a mistake for President Obama and Harry Reid to force a government shutdown,” Cruz said.
“No, I mean, but come on,” Karl said.
Cruz’s argument rests on the fact that demanding the president defund his signature legislative accomplishment less than a year after that president was re-elected by a margin of millions of votes was a reasonable demand. And the president should have rewarded Republicans for shutting down the government over that demand. Even the Republican leadership in the House didn’t buy that argument, as Speaker John Boehner pointed out before the shutdown and after it — yet he still went along with the strategy.
In the same interview with Karl, Cruz insisted he doesn’t play politics.
Meanwhile he’s made several trips to states crucial to winning the 2016 GOP presidential nomination and is now attempting to renounce his Canadian citizenship.
The senator may find that it will actually be easier to qualify to run for president than to remove his Canadian birthright from his record.