House Republicans are reportedly crafting a major tax cut package that would overwhelmingly benefit the rich and corporations while blowing a multitrillion-dollar hole in the federal deficit.
“We’re not going to raise taxes,” House Speaker Kevin McCarthy published in March by the Center for American Progress found that the GOP austerity crusade “does not address the true cause of rising debt” — tax cuts.
“Tax cuts initially enacted during Republican trifectas in the past 25 years slashed taxes disproportionately for the wealthy and profitable corporations, severely reducing federal revenues,” noted Bobby Kogan, CAP’s senior director of federal budget policy. “In fact, relative to earlier projections, spending is down, not up. But revenues are down significantly more.”
“If not for the Bush tax cuts and their extensions — as well as the Trump tax cuts — revenues would be on track to keep pace with spending indefinitely, and the debt ratio would be declining,” Kogan observed. “Instead, these tax cuts have added $10 trillion to the debt since their enactment and are responsible for 57% of the increase in the debt ratio since 2001.”The world desperately needs journalism that investigates, reports on, and analyzes complex issues with honesty and integrity.
But this kind of journalism depends on your support — and we need to raise $28,000 by the end of tomorrow to keep Truthout moving forward. We know not everyone can afford to contribute, but if you can, please make a tax-deductible donation to ensure we can keep publishing the stories that matter most. Every dollar makes a difference.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
White House, Republicans plan to convene on US debt ceiling as deadline looms By Reuters*WHITE HOUSE, REPUBLICANS PLAN TO CONVENE ON U.S. DEBT CEILING AS DEADLINE LOOMS 🇺🇸🇺🇸
Read more »
Democrats target swing seat House Republicans over Trump's 'defund' FBI remarkHouse Democrats are launching a billboard campaign this week focusing on swing seat Republicans over Trump's post to 'defund the [Justice Department] and FBI'
Read more »
No signs of progress from White House, Republicans in 'tough' debt ceiling talks By Reuters*NO SIGNS OF PROGRESS AS WHITE HOUSE, REPUBLICANS END MORE DEBT CEILING TALKS 🇺🇸🇺🇸
Read more »
White House says McCarthy 'beholden' to far-right Republicans on debt limit, source saysThe Biden administration is painting House Speaker Kevin McCarthy as talking out of both sides of his mouth amid the debt ceiling standoff.
Read more »
White House, Republicans push ahead in US debt ceiling talks By Reuters*REPUBLICAN HOUSE SPEAKER MCCARTHY SAYS STILL FAR APART ON DEBT TALKS *MCCARTHY: HAVE TOLD BIDEN WE WON'T RAISE TAXES 🇺🇸🇺🇸
Read more »
White House and Republicans still at odds over spending as debt ceiling talks continueAs the debt default deadline nears and negotiators remain at odds, CBS News' NikolenDC asks Speaker McCarthy what the 'off ramp' is. McCarthy says it's 'to solve the problem, to spend less than we spent last year. That's not that difficult.”
Read more »