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GOP Tax Plan II

So today we get a few hints and details. From what we can gather,¬†Republicans are pushing for a multi-trillion dollar tax cut, at a time when the budget deficit is at a 4-year high and growing. 80% of the cut is going to the 1%, with most of that actually going to the top 1% of the top 1%. This is nothing less than a raid on the US Treasury by the ultra-rich. There is simply no public-good argument to be made for bankrupting the country and sending trillions to the very wealthiest at this point in the country’s development.

The same party that regularly talks about cutting Social Security is also reportedly considering reducing the amount that middle class earners can save tax free for retirement each year from the current $18,000 per year to $2,400? Why? Because to pass tax cuts for the rich without any Democratic votes the cuts have to be “revenue neutral”. So by taxing middle class retirement¬†savings up front the GOP can (partially) pay for billionaire tax cuts. That’s right – the same party that wants to eliminate Social Security in favor of private retirement savings also wants to add new taxes to the private retirement savings of ordinary Americans in order to give the ultra-rich trillions of dollars in new tax cuts. But as usual it would be inappropriate to use the term “class warfare” for any of this…

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