Tag Archives: deficit

Republicans Don’t Care About the Deficit, Part 543

Mother Jones

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The Washington Post reports today on the latest harangue from those hardline, deficit-hating, no-compromise, tea-party Republicans:

In a dramatic reversal, many members of the hard-line House Freedom Caucus said Thursday they are prepared later this month to support a budget measure that would explode the deficit and increase the public debt to more than $29.1 trillion by 2026, figures contained in the budget resolution itself.

….“I just came to understand all the different ideas about where we go next,” said Rep. David Schweikert (R-Ariz.), a member of the House Freedom Caucus that typically opposes massive spending increases. Schweikert now says he will probably vote for the budget resolution.

Here’s the text of the budget resolution:

As always, Republicans only care about deficits when a Democrat is president. This time around they didn’t waste even two days before they made that crystal clear. I wonder how many times they can pull this bait-and-switch before the public and the press stops taking them seriously on their alleged horror of the spiraling national debt?

Republicans want to cut spending on the poor and cut taxes on the rich. That’s it. Deficits haven’t bothered them since the Reagan era. But I have to admit that this latest U-turn is pretty brazen even for them. It was only a few short months ago that they were swearing on a stack of Bibles that debt was eating our nation alive and they would never, ever vote for a budget that increased the deficit.

But it turns out there was an asterisk. If the deficit is produced by cutting Obamacare taxes on the rich and repealing Obamacare benefits for the poor, then it’s OK.

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Republicans Don’t Care About the Deficit, Part 543

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Rand Paul’s Plan to Give the Economy a "Steriod Injection" Could Have Scary Side Effects

Mother Jones

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On Thursday, GOP presidential hopeful Sen. Rand Paul (R-Ky.) unveiled his plan to give the economy a “steroid injection” by rewriting the country’s tax code down to a simple, straightforward flat tax of 14.5 percent on personal income and a 14.5 percent “business activity tax.” By Paul’s reckoning, this would save taxpayers billions and supercharge the economy almost immediately upon implementation. But at least one nonprofit group that advocates tax reform is saying that, just like a real steroid injection, Paul’s scheme to quickly bulk up the economy may have long-term and devastating effects for its health.

Setting aside all other questions about the credibility of a flat tax, nonprofit think tank Citizens for Tax Justice released its analysis of Paul’s proposal, and it’s ugly.

When the dust clears, this would leave the federal government with $1.2 trillion less in tax revenue in fiscal year 2016 if the plan were implemented immediately—a reduction of about one-third in total federal revenues. Over a decade, the plan would cost a stunning $15 trillion.

Ultimately, the fiscal realities of the tax plan might not matter. The flat tax has never caught fire as a presidential election issue. In 2012, Herman Cain had his “9-9-9” plan and Rick Perry suggested a 20 percent flat tax. Most famously, in 1996 there was Steve Forbes, who briefly looked like he could turn his magazine-famous name into a politically relevant one—but didn’t.

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Rand Paul’s Plan to Give the Economy a "Steriod Injection" Could Have Scary Side Effects

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