The tax plan put forward this week by Republican leaders in Congress would add nearly $4 trillion to the national debt and would be offset only by a $300 billion spending freeze, a Washington Post analysis states.
While the cost of the Tax Hike Prevention Act of 2010 hasn’t been calculated yet, the Post reports that a similar but “slightly more expensive” plan analyzed by the non-partisan Congressional Budget Office found it would cost $3.9 trillion over 10 years, making it roughly four times as expensive as the Democrats’ health reforms, which will cost less than $1 trillion over the same period.
The Republican tax bill, introduced this week by Senate Minority Leader Mitch McConnell (R-KY), aims to prevent the Democratic-controlled Congress from letting the Bush tax cuts of 2001 and 2003 expire. The tax reductions will expire at the end of the year if they are not extended.
The Post notes that an accompanying spending freeze proposed by McConnell would save $300 billion, which the newspaper describes as a “drop in the bucket” compared to the cost of the tax cut extension.
The plan’s hefty price tag, coming at a time when many in the Republican grassroots are growing alarmed about skyrocketing budget deficits, has provided the Democrats with fuel for the mid-term elections, as they seek to paint the GOP as dishonest or hypocritical when claiming to be the party of fiscal responsibility.
The Democrats’ plan for the tax cuts hasn’t been fully worked out yet, but the Post reports that President Obama’s favored option — allowing the tax cuts to expire for households earning more than $250,000 a year, and making them permanent for everyone else — would raise the deficit about $1.4 trillion.
Pat Garofalo at ThinkProgress reports that the GOP’s plan includes a cut to the estate tax “that would gift $91 billion to the richest 0.25 percent of households.”
The Republican tax plan comes despite recent polls consistently showing that a plurality of Americans want to see the tax cuts for the rich expire. The latest poll, conducted for CBS News and the New York Times, finds 53 percent in favor of rescinding the tax cuts, with 38 percent opposing the move.
In a US News & World Report column, Democratic strategist Peter Fenn describes McConnell’s proposal as “scary” and says it uses “Halloween math.”
Is this a conservative taxing and spending prescription? Is this coming from the same party that has been complaining about out-of-control deficits? Who urges us to tighten our belts? Who professes to solve our economic problems?
This is ideological politics, not pragmatic public policy. It is the single-minded mantra of tax cuts as the answer to every problem, when it actually exacerbates the problem.
Yet despite the criticism and the price tag, GOP leaders appear to be rallying to the plan. House Minority Leader John Boehner (R-OH), who just this past weekend indicated he would be willing to accept the Democrats’ plan to end the tax cuts for the rich, appeared to have changed his mind by Wednesday. The Washington Post reports:
At a news conference on Capitol Hill, Boehner repeatedly emphasized that he would support only legislation that kept in place all of the tax cuts. He sidestepped questions about how he and Republicans would vote if Democrats insisted on pushing through a measure that ends the tax cut on household incomes of more than $250,000 a year.
‘They have a responsibility to not be stupid’: MSNBC’s Morning Joe slaps Trump’s ‘ignorant’ rally-goers for swallowing Trump lies
MSNBC's Joe Scarborough blamed President Donald Trump's supporters for failing their most basic civic responsibility by remaining willfully ignorant and swallowing his lies.
The president claimed his betrayal of the Kurds was actually keeping them safe, despite credible reports of war crimes against them by Turkey, and the "Morning Joe" host challenged rally-goers to open their eyes -- and believe what they see.
"It's the responsibility to people that show up at those rallies to not be stupid, to not be so stupid that they should be kept away from blenders," Scarborough said. "All they have to do is spend three seconds actually watching the news, all they have to do is spend three seconds on Google, spend three seconds talking to somebody that is not completely brainwashed to see that this is a horrible deal for the Kurds."
‘This was the smoking gun!’ MSNBC’s Morning Joe explains why Mulvaney ‘confession’ could end Trump presidency
MSNBC's Joe Scarborough said White House acting chief of staff Mick Mulvaney had offered "smoking gun" evidence in a stunning confession to the crime at the heart of the impeachment inquiry against President Donald Trump.
The "Morning Joe" host said Mulvaney had made a stunning "confession," but he said the president had on the same day endorsed the ethnic cleansing of the Kurdish allies he had betrayed to Turkey.
"There's so much to talk about, we joke for a few minutes at the top of the show, Mika likes do that, me, I like to get straight into the news," said Scarborough, who frequently annoys his wife and co-host by bantering about sports at the start of the show. "But there's so much going on that if somebody just woke up this morning they might not think that yesterday was not one of the most significant news days in, during the Trump presidency, and I may even argue one of the most significant news days over perhaps the last decade, just in terms of volume."
Vote-splitting fears raised in final days of Canada election
In the dying days of what Justin Trudeau described as one of the "nastiest" election campaigns in Canadian history -- with plenty of mudslinging, attack ads and misinformation -- he played up fears on Thursday of vote-splitting handing victory to his rival Andrew Scheer and the Conservatives.
Policy announcements gave way to calls to vote strategically to keep Trudeau's Liberals in power and prevent a rollback of his progressive policies by the Tories.
Pollsters predict a minority government -- either Liberal or Conservative -- resulting from the October 21 ballot.
Attack ads accused Liberals of seeking to legalize hard drugs and the Tories of allowing assault rifles on Canadian streets -- claims that are flat out wrong or exaggerated, respectively.