Tuesday, November 10, 2015

34% of Marco Rubio's Tax Cuts Go to the Top 1%. That's Governing?

If tax cutting is all we've got -- besides social-values bluster and
warmongering -- then tax cutting we will do (but always for the rich).

Since we have to keep cutting taxes -- it's what Republicans do! -- then we must keep cutting taxes, even if there's a point where the exercise goes beyond absurd:
Last week, Citizens for Tax Justice, a liberal think tank that uses mainstream economic tax modeling, analyzed Marco Rubio’s tax-cut plan. Thirty-four percent of the benefits of the plan would go to the highest-earning one percent of Americans (who, by the way, earn about 21 percent of all income). Rubio’s proposal deliberately provides some benefits to Americans of modest income, which means that its enormous tax cuts for the very rich come alongside some pretty decent-size tax cuts for the rest of us. All told, Rubio’s plan would reduce federal revenue by $11.8 trillion over the next decade. The entire Bush tax cuts cost about $3.4 trillion over a decade, making the Rubio tax cuts more than three times as costly.
Since Rubio has promised to raise defense spending and not impact today's seniors as far as Social Security and Medicare goes, even if he doesn't raise defense spending, after his tax cuts he'll run into a wall of a $600 billion deficit just taking care of those parts of the budget. There's nothing left. Nothing. Nothing for the IRS, FEMA, running Congress, all the different cabinets, the FBI, Medicaid, the VA, national parks, you name it, nothing. Border security? Nothing. Education? Nothing. NASA? Nothing. Nothing.

So, either the essential framework of the federal government collapses or the budget is full of red ink as far as the eye can see. And since Marco Rubio also demands a balanced budget amendment, no deficits, no red ink!

Okay. Just so we know what Marco Rubio calls governing. Knew he could do it! Oh, and as writer Jonathan Chait points out, Rubio is considered a moderate, a potential establishment candidate.

That's quite an establishment.

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