The Republicans in the House of Representatives always want to cut taxes for the mega rich while cutting spending on working families. That’s not new, but everyone in Washington D.C. is talking about cutting programs now because we have hit a debt ceiling. The debt ceiling is not a bogie man, but Rep. Paul Ryan and other house Republicans are using this situation to make huge cuts to social programs to protect poorly timed tax cuts.
Here is a CNN Money piece on the Debt Ceiling.
Here is one from the San Francisco Chronicle
The real situation is the tax cuts made under the Bush administration, and extended by the Obama administration, have cost trillions in unrealized tax revenue. Over 100 of the fortune 500 companies pay a lower tax rate than you do, with 16 companies like CITI Bank and AIG actually making money in tax credits.
These tax cuts were put in place before 9-11-2001, when economists projected that by 2011 there would be a $5 Trillion surplus instead of a $14 Trillion deficit.
The Bush tax cuts are a failure at stimulating the economy and are one of the causes for our growing national debt. We have seen a $19 Trillion swing from surplus to defect, the income gap has grown and unemployment is at a record high. American’s have said time and again that we want a strong safety net for our most vulnerable citizens. That programs like Medicaid, Medicare and Social Security need to be fully funded. Now that these programs are in jeopardy congress needs to make the right move that benefits the most people. Instead Congress is talking about preserving tax breaks for the ultra rich on the backs of our most vulnerable citizens.
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