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.
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