Maybe Republican voters who earn $250,000 a year or less can explain how the Teaparty / GOP politicians they voted into office are working for their constituents and not for their wealthy donors. Get a load of this:
The Republican majority in the House have introduced a bill designed to extend tax cuts for the wealthy and make it harder to modify tax law. They want to bring the bill to a vote this coming week. That was fast, right? Why are they doing it? Because Democrats in the Senate extended the Bush tax cuts last week — but only for incomes of $250,000 or less. Suddenly the do-nothing, “party of no” is actually doing something — they’re going to protect the wealthiest one percent from a tax increase of a whopping 4.6% and give them even more of a tax cut.
The Raw Story: “Earlier this week, Democrats in the Senate scored a major coup in the fight over tax cuts. In a 51-48 vote, lawmakers passed legislation that would extend Bush tax cuts for the middle class, people making $250,000 a year or less, but not preserve tax breaks for the wealthy, which are set to expire at the end of the year. Senators Joe Lieberman (I-CT) and Jim Webb (D-VA) voted with Republicans.
“Republicans in the House have responded with legislation that calls for their own version of “tax reform,” a set of regulations that would shift the tax burden down the income ladder while giving millionaires an average of $187,000 in tax cuts in 2014. The Republican changes would encourage companies to invest overseas, reorganize tax brackets, reduce taxes on corporations and restrict them to a permanent rate of 25 percent or less …[and] increase taxes on families making less than $200,000 a year and repeal tax credits for low-income Americans signed into law by President Obama.”
Think Progress: ”If the House GOP bill were adopted, tax reform legislation would “have special protections in the U.S. Senate, limiting the opportunities for lawmakers to use blocking tactics.” But the GOP bill only calls for a certain kind of tax reform — specifically that which would benefit the rich and corporations. Under the GOP’s fast-track approach, a tax reform bill would have to consist of:
- a consolidation of the current 6 individual income tax brackets into not more than two brackets of 10 and not more than 25 percent;
- a reduction in the corporate tax rate to not greater than 25 percent;
- a repeal of the Alternative Minimum Tax;
- a broadening of the tax base to maintain revenue between 18 and 19 percent of the economy; and
- a change from a ‘‘worldwide’’ to a ‘‘territorial’’ system of taxation.
“As Citizens for Tax Justice noted, these changes would massively benefit the wealthy and corporations, shifting the tax burden down the income scale. In fact, consolidation of the tax code in the way the GOP envisions would give millionaires a $187,000 annual tax cut, while likely increasing taxes on the middle-class and working families, due to the elimination of deductions upon which they depend.”
And there you have the GOP’s idea of “tax fairness.” If you make less than $250,000 and you’re all for giving away your tax deductions to help finance bigger tax cuts for the wealthiest one percent, then by all means keep supporting the Republican Party. If you’re dumb enough, or brainwashed enough, to believe that Republicans in the House and Senate really care about gay marriage or any of the other social issues they use to get you to vote for them, you’d better read this again. Look at what they can accomplish and fast track when it’s something that really matters to them: protecting their wealthy benefactors.