Today, House Republicans passed Leader Eric Cantor’s latest tax cuts for the rich and famous, disguised, of course, as a job-creating small business bill. Even The Wall Street Journal describes this as a “ploy” and a “gimmick” while “Republicans stumble over another temporary tax cut.”
Here’s who’s who with this wolf in sheep’s clothing:
WHO gets the jobs? NO ONE
Former Reagan Economic Advisor Bruce Bartlett: “The Republican tax plan will do nothing whatsoever to increase employment. It is nothing more than an election year give-away to a favored Republican constituency and should not be taken seriously.”
Joint Committee on Taxation: The economic impact of the bill is “so small as to be incalculable.”
WHO pays the $46 billion bill? MIDDLE CLASS FAMILIES
ThinkProgress: “After Demanding Offsets For Payroll Tax Cut, GOP Won’t Offset ‘Small Business’ Tax Cut For Millionaires”
WHO gets the benefits? MILLIONAIRES, BILLIONAIRES, AND SPECIAL INTERESTS
New York Times: “Despite the Mom-and-Pop label, it is designed so that nearly half of the tax cut would go to people with annual income over $1 million, and more than four-fifths would go to those making over $200,000, according to the Tax Policy Center.”
Joint Committee on Taxation: The bill delivers an average tax cut of $58,800 to 125,000 millionaires.