Showing posts with label tax cut. Show all posts
Showing posts with label tax cut. Show all posts

Friday, October 20, 2017

Budget Reconciliation - What Is It

BREAKING: Republicans in the Senate (and only Republicans) just approved a budget that envisions a grotesque future—trillions of dollars in tax giveaways to the ultra wealthy, funded by cutting trillions from Medicaid, Medicare, and other vital programs for the poor and middle class.1,2 
This vote is the starting gun for what might be the most consequential legislative fight of the Trump era: the looting of the U.S. treasury to reward billionaire GOP donors and mega-corporations, at the expense of the rest of us.
If Republicans succeed, their backers will reward them with boatloads of campaign cash—fueling their efforts to hold power in 2018 and 2020. If they fail, they'll turn on each other—opening the door toward a potential Democratic landslide. And beyond the political stakes, the human impact is vast: the acceleration of plutocracy in America and the shredding of the basic protections that tens of millions of American families depend on.
Here's how this fight will go down:
Tonight's vote was on a budget resolution. Budget resolutions are nonbinding—they don't become law. Instead, they are moral documents—statements of priorities that shape future legislation. They have one critical function: You need to pass a budget resolution to open the door to a budget reconciliation bill, which is the only kind of tax cut bill that can't be filibustered, so it would need only 51 votes. And one of those 51 votes could be Vice President Mike Pence.
In other words, with this budget resolution in place, the GOP can shoot for a tax bill without a single Democratic vote. To defeat it, we'll need unified Democratic opposition, plus three Republicans in the Senate or 24 in the House. It's the same math that we faced with health care repeal. But winning this one will be even harder.

Thursday, September 21, 2017

Trump- Republican Tax Cuts


Everything you’ve always wanted to know about the Trump-Republican tax plan
Say no to trickle-down tax cuts, and say no to mindless deficit reduction.
September 16, 2017

Have you noticed that there’s no Trump tax plan and no Republican tax plan? All they’ve come up with so far is a bunch of platitudes about how nice it would be to cut taxes, simplify the tax code, and spur economic growth.
Who doesn’t support these nice goals?
The reason there’s no tax plan is congressional Republicans are hopelessly divided on it.
Right-wing Republicans (the “Freedom Caucus” along with what’s left of the Tea Party) are most interested in reducing the size of the government and shrinking the federal deficit and debt.
Corporate and Wall Street Republicans – along with Donald Trump – are most interested in cutting taxes on corporations and the wealthy. They have the backing the GOP’s big business donors who stand to make a bundle off tax cuts.

Here’s the problem. You can’t have a giant tax cut for corporations and the wealthy, and at the same time shrink the federal deficit and debt – unless you make gigantic cuts in government spending on things the American public wants and needs.

Tuesday, September 29, 2015

Trump's Tax Cut for the Rich

For Immediate Release: Monday, September 28, 2015
Contact: Jenice R. Robinson, 202.299.1066 x29 or Jenice@ctj.org
(Washington, D.C.) Donald Trump released a tax plan today that is missing some details. But a preliminary analysis of the plan by Citizens for Tax Justice finds that it would cost nearly $11 trillion in its first decade. The plan would reduce taxes on all income groups, but by far the biggest beneficiaries would be the very wealthy.
Following is a statement about the plan by Robert McIntyre, director of Citizens for Tax Justice:
“Yet another presidential candidate is making a mockery of populism by trumpeting a massive tax break for the rich as a plan that will benefit average Americans. The top 1 percent of Americans will receive an average tax break of $184,000 per year while the bottom 20 percent will receive an average tax cut of only $250.
“Trump claims the plan will be revenue neutral, but he has made bombastic exaggerations before and this time is no different. In fact, there is no possibility that this plan would not be a gigantic tax cut for the rich and a gigantic revenue loser for the government.