Because the Rich Need All the Help They Can Get in These Hard Times
Among the Republican calls for tax cuts (PDF file of the GOP proposal):
Repeal the alternative minimum tax so that wealthy people can avoid paying even that much.
Keep the capital gains and dividends tax rate at 15%, so that wealthy people who make most of their income that way can use it to maintain low tax rates.
Lower corporate tax rate from 35% to 25%, because Exxon and the other oil corporations need to keep as much of their massive eleven-digit profits as they can in order to keep their Cayman Island accounts healthy.
Lower the highest tax rates on regular income for the the wealthy from 35% to 25%.
And here’s the topper: Repeal the estate tax under $5 million, and cut it to 15% for estates above $5 million. Currently, estate taxes apply to estates worth $3.5 million and higher, and are taxed at 45% above that amount. Republicans have been shooting for the $5 million/15% for some time now, meaning it’s not “stimulus,” it’s simply one of their desired goodies.
Fact is, tax cuts to the rich is not stimulus; it didn’t pump up the economy when Bush tried it before, and it won’t work now. These tax cuts are simply yet another giveaway–this time a $3 trillion giveaway over the next 10 years–mostly to people who don’t need them. Just pile it on top of the $700 billion we just fed the super-wealthy, and all the other cuts they’ve gorged on, which only helped feed their greed which led to this crisis in the first place.
That won’t stop Republicans from pressing for even more tax cuts for the rich, on top of all the recent huge tax cuts for the rich, at a time when revenues will be plummeting and the middle class, more and more, will not be helped by tax cuts on income they aren’t making.
Here’s a prediction: if the Republicans got these tax cuts and they didn’t work, what would they would ask for next? Just a wild guess here, but I’d say they’d call for more tax cuts for the rich.
They would be asking for lynch
I live in France, where they had a revolution to free the masses from the tyranny of monarchical rule, but your comments apply to France in every detail! So much for republics.