It is yet another Tax Day in America. Eager to deliver another so-called win ahead of the midterm elections, Republicans are using the occasion to roll out even more tax cuts for the rich.
With fewer than half of Americans complaining that their personal tax obligation is too high — the smallest percentage in more than five years — and the recently passed GOP tax bill still significantly underwater, Republican lawmakers somehow think the best way to fend off building Democratic momentum is to reward wealthy GOP donors all over again.
Standing next to anti-tax crusader Grover Norquist (he of “drown government in the bathtub” fame), Sen. Ted Cruz, R-Texas, recently announced his plan to ease the tax burden paid by America’s wealthiest citizens. Mind you, those people have already been helped out tremendously by the GOP’s tax law, which made a 40 percent reduction in the top corporate tax rate permanent while setting a 2025 expiration date on cuts to individual taxes and rates.
“When you’re investing more capital in businesses it means you’re hiring more people, it means you’re buying more equipment, it means you’re raising wages and that you’re driving economic growth,” Cruz said of his new proposal to index capital gains for inflation. The Texas Republican’s push for a second part of the GOP tax cuts is certain to exacerbate already growing concerns about budget deficits.
Just last week, the nonpartisan Congressional Budget Office (CBO) found that the Republican tax cuts will …read more
Source:: Salon – Politics