Reply #15: Amazing, On Deficit Committee, Republicans Are Pushing For MORE Tax Cuts To Rich! [View All]

[TomCADem]

Of course Republicans can shamelessly seek to protect the rich. The American people have been conditioned to give them a free pass. The Tea Party gathers a few hundred people, and its a movement. But, several thousand OWS protestors are dismissed as a bunch of hooligans. When Republicans complain about the debt, but still push for tax cuts to the rich, they are given a free pass. Conversely, Democrats are dismissed as being beholden to special interests if they try to protect services that benefit the poor and middle class.

Mr. Toomey defended his plan in the Republicans’ weekly radio address on Saturday, but he also stressed that “the best way to revive the American economy is to reform our broken tax code.”

“We should seize this opportunity to throw out this unfair monstrosity and replace it with a system that will lower tax rates for every single American, simplify the code and get rid of the special-interest tax breaks and loopholes,” he said.

The Republicans’ deficit-reduction plan might wrench the country back toward the black. But it would do so on the backs of lower- and middle-income families, some economists say. The Center on Budget and Policy Priorities, for instance, estimated that a household earning more than $1 million per year would see a 4 percent increase in its after-tax income under the Toomey proposal. Meanwhile, because of the loss of deductions, some middle-class families could actually pay more in taxes.

“The combined result of such a package would be tax increases for lower- and middle-income people to finance further tax cuts (beyond those that the Bush tax cuts already provide) for wealthy people, with a small contribution to deficit reduction,” the budget center’s staff wrote.