GOP Tax Cut Bill Would Add Almost $7 Trillion to America's National Debt

[JohnWxy]

Yes, while M$M keeps talking about Obama's blowing it on the economy - while never mentioning the GOP have voted against every jobs bill, every unemployment extension bill and even voted against the bill to make loans to credit starved small businesses (that's the guys the GOP keep saying they care about, the ones who create most of the new jobs in the economy.) you won't hear either about the NEW tax cut bill the Repunks have advanced a couple months ago.

"On April 15, Rep. Jim Jordan (R-Ohio) and Rep. Jason Chaffetz (R-Utah) introduced (H.R. 5029) “The Economic Freedom Act,” with the blessing of the House Republican Study Committee. This report finds that H.R. 5029 would add almost $7 trillion to the national debt over the next ten years, not counting other legislation to make all of the Bush tax cuts permanent (which the sponsors also support). By the second year it's in effect, about 62 percent of the benefits would go to the richest 1 percent of taxpayers, and about three fourths would go to the richest 5 percent."


http://www.ctj.org/ctjreports/2010/08/gop_tax_cut_bill_would_add_almost_7_trillion_to_americas_national_debt_to_further_enrich_the_wealthi.php

HEre's the Citizens for Tax Justice report: http://www.ctj.org/pdf/hr5029analysis.pdf

H.R. 5029 proposes to do the following:

• Cut the payroll taxes that pay for Social Security and Medicare
in half. (This particular tax cut is for one year only).

• Completely eliminate taxes on capital gains, for both individuals
and corporations.

• Eliminate almost three-quarters of the corporate income tax by (a) allowing businesses to write
off equipment purchases immediately, rather than gradually as the equipment wears out, and
(b) reducing the regular corporate tax rate to 12.5 percent (from the current 35 percent).

• Repeal the estate tax, a tax that falls almost entirely on the nation’s wealthiest families.
Citizens for Tax Justice has analyzed the effects that H.R. 5029 would have on federal deficits
and debt, as well as the distributional effects of the bill. These are our key findings:

# The bill would add a staggering $6.9 trillion to federal
deficits and debt over the upcoming decade. That’s
$6,884,000,000,000 in additional government borrowing
over the next ten years, equal to almost $23,000 in added
debt for every man, woman and child in our country.

# Starting in 2012, more than three-quarters of the proposed
tax cuts would go to the best-off five percent of all
taxpayers, with 62 percent going to the top one percent).

# In 2012, the average tax cut for the bottom 80 percent of all taxpayers would be $399.

# In contrast, the average tax cut in 2012 for the best-off one percent would be $157,522.

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