Friday, March 27, 2009

So predictable: The Republican tax-slashing non-budget

By Michael J.W. Stickings

The House Republicans have an "alternative budget." There isn't much in the way of detail, but, of course, the emphasis is on tax cuts for the wealthy:

Under the Republican plan, the top marginal tax rate would be slashed from 35 to 25 percent, facilitating a dramatic transfer of wealth up the economic scale. Anyone making more than a $100,000 would pay the top rate; those under would pay 10 percent.

As Steve Benen points out, it's not a "budget" at all, let alone a "detailed" one. And it's just more of the same, and worse, from a party that has simply run out of ideas (and that didn't exactly have many good ones to begin with):

So, Bush/Cheney lowered the top rate from 39.6% to 35%, which cost hundreds of billions of dollars and helped create the largest budget deficits in American history. Now, the very same GOP lawmakers want to send the top rate from 35% to 25%, at a cost of hundreds of billions of dollars, all in the name of deficit reduction.

How much would this cost? The "detailed budget" doesn't say. What it would do to the deficit? The "detailed budget" doesn't say. What would Republicans cut to pay for this massive tax cut for the wealthiest Americans? The "detailed budget" doesn't say. How much would Republicans raise or spend over all? The "detailed budget" doesn't say.

For more, see Taylor Marsh, Ezra Klein, John Cole, and The Anonymous Liberal.

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