A piece in Politico looks at their plans and points out that they all call for huge tax cuts-that actually dwarf the George W. Bush tax cuts. This after we were finally able to get rid of the Bush tax cuts for the rich and have at least somewhat increased their effective tax rates again.
http://lastmenandovermen.blogspot.com/2016/01/hillarys-plan-to-make-wealthy-pay-their.html
But of course the fact that the GOP tax plans contain no strategy to offset the steep deficits their approach calls for is a feature not a bug.
"Tax cuts trump deficit concerns for leading GOP candidates. A number of plans call for tax reductions that would seem to bust the budget."
Read more: http://www.politico.com/story/2016/01/gop-2016-candidates-tax-plans-budget-217268#ixzz3wHyf41O8
Hey Beevis-they said Trump.
These plans don't just seem to but actively do bust the budget. But this is not an accident.
"GOP presidential candidates have an easy answer for anyone concerned about the budget-busting impact of their tax cuts: Trust us."
"Many Republican contenders are pairing tax plans that independent analysts say would cost trillions of dollars over a decade with vague assurances that they’ll put long-term clamps on spending for Medicare, Medicaid and Social Security. The GOP front-runner, Donald Trump, adds that it’ll be easy to find waste on the spending side."
"But even some on the right say that Republican primary voters should be asking for more details from the candidates when it comes to offsetting their tax plans — especially given how deficits grew under the most recent Republican president, George W. Bush, and how little momentum there is now for deficit reduction."
“When the deficits were $1 trillion-plus a year, many Republicans were saying, ‘This is unsustainable. We’re going to have another financial crisis.’ And now they’re all coming up with these tax plans,” said Jim Pethokoukis of the American Enterprise Institute. “You should absolutely be skeptical if you’re a GOP voter.”
"Republican candidates like Sens. Marco Rubio of Florida and Rand Paul of Kentucky, and Gov. John Kasich of Ohio frequently discuss tackling the federal debt as a moral imperative. Kasich has even called out his fellow GOP candidates on the debate stage, insisting their tax plans would push the country toward bankruptcy."
“I think the greatest threat facing future generations domestically is [a] $19 trillion debt for which there is no answer in place,” Rubio told Fox News in November.
"Despite those rumbles of concern about red ink, Republicans are relying on much more expensive tax plans this election cycle."
"The plans from former Gov. Jeb Bush of Florida and Sen. Ted Cruz of Texas would cut taxes by as much as $3.6 trillion over a decade, according to the Tax Foundation. Trump’s plan would cost as much as $12 trillion, and Rubio’s $4.1 trillion, the tax group also found."
"Some of the GOP candidates have put a few details down on paper for how they would pay for their plans, at least in part. Cruz has said he wants to eliminate the Internal Revenue Service and the departments of Commerce, Education, Energy, and Housing and Urban Development."
"Bush has proposed raising the eligibility age for Social Security and Medicare, as well as means-testing eligibility for those programs. And Rubio has embraced some of the same entitlement changes popularized by House Speaker Paul Ryan of Wisconsin."
“It's easy for everyone to say, ‘Cut spending.’ It's much harder and riskier to put out, chapter and verse, specifically the programs you would cut to stop bankrupting our kids and grand kids,” Cruz said at a GOP debate in November."
"What Cruz didn’t mention is that enacting those sorts of wide-ranging policies — on both the tax and spending sides — would be difficult, if not impossible, without full GOP control in Washington, including a filibuster-proof Republican majority in the Senate."
Read more: http://www.politico.com/story/2016/01/gop-2016-candidates-tax-plans-budget-217268#ixzz3wHzSK24m
But there really is no contradiction here. The GOP is simply front loading the more attractive sounding part-the tax cuts. Once the GOP is elected and explodes the deficit then it will demand deficit reduction-not by getting rid of the tax cuts that caused the problem but cutting Social Security like Jeb wants to do or privatizing Medicare a la Paul Ryan-or eliminating all these departments like Cruz.
It goes back to Jude Wanniski's Two Santa Claus theory-the Dems are the Santa Claus of social spending the GOP the Santa Claus of tax cuts.
So the pain that has to come after is implied. By the way, a lot of these GOP plans are underestimated in terms of how much they'll raise the deficit-only the number given to Trump is accurate.
It's like what happened in Kansas. GOP Governor Sam Brownback busted the budget via his deep tax cuts for the rich. Now he is paying for this by raising taxes on the poor via a increase in the sales tax, etc.
http://thinkprogress.org/economy/2015/06/16/3669801/kansas-sales-tax-hike-budget-deal/
http://lastmenandovermen.blogspot.com/2016/01/hillarys-plan-to-make-wealthy-pay-their.html
But of course the fact that the GOP tax plans contain no strategy to offset the steep deficits their approach calls for is a feature not a bug.
"Tax cuts trump deficit concerns for leading GOP candidates. A number of plans call for tax reductions that would seem to bust the budget."
Read more: http://www.politico.com/story/2016/01/gop-2016-candidates-tax-plans-budget-217268#ixzz3wHyf41O8
Hey Beevis-they said Trump.
These plans don't just seem to but actively do bust the budget. But this is not an accident.
"GOP presidential candidates have an easy answer for anyone concerned about the budget-busting impact of their tax cuts: Trust us."
"Many Republican contenders are pairing tax plans that independent analysts say would cost trillions of dollars over a decade with vague assurances that they’ll put long-term clamps on spending for Medicare, Medicaid and Social Security. The GOP front-runner, Donald Trump, adds that it’ll be easy to find waste on the spending side."
"But even some on the right say that Republican primary voters should be asking for more details from the candidates when it comes to offsetting their tax plans — especially given how deficits grew under the most recent Republican president, George W. Bush, and how little momentum there is now for deficit reduction."
“When the deficits were $1 trillion-plus a year, many Republicans were saying, ‘This is unsustainable. We’re going to have another financial crisis.’ And now they’re all coming up with these tax plans,” said Jim Pethokoukis of the American Enterprise Institute. “You should absolutely be skeptical if you’re a GOP voter.”
"Republican candidates like Sens. Marco Rubio of Florida and Rand Paul of Kentucky, and Gov. John Kasich of Ohio frequently discuss tackling the federal debt as a moral imperative. Kasich has even called out his fellow GOP candidates on the debate stage, insisting their tax plans would push the country toward bankruptcy."
“I think the greatest threat facing future generations domestically is [a] $19 trillion debt for which there is no answer in place,” Rubio told Fox News in November.
"Despite those rumbles of concern about red ink, Republicans are relying on much more expensive tax plans this election cycle."
"The plans from former Gov. Jeb Bush of Florida and Sen. Ted Cruz of Texas would cut taxes by as much as $3.6 trillion over a decade, according to the Tax Foundation. Trump’s plan would cost as much as $12 trillion, and Rubio’s $4.1 trillion, the tax group also found."
"Some of the GOP candidates have put a few details down on paper for how they would pay for their plans, at least in part. Cruz has said he wants to eliminate the Internal Revenue Service and the departments of Commerce, Education, Energy, and Housing and Urban Development."
"Bush has proposed raising the eligibility age for Social Security and Medicare, as well as means-testing eligibility for those programs. And Rubio has embraced some of the same entitlement changes popularized by House Speaker Paul Ryan of Wisconsin."
“It's easy for everyone to say, ‘Cut spending.’ It's much harder and riskier to put out, chapter and verse, specifically the programs you would cut to stop bankrupting our kids and grand kids,” Cruz said at a GOP debate in November."
"What Cruz didn’t mention is that enacting those sorts of wide-ranging policies — on both the tax and spending sides — would be difficult, if not impossible, without full GOP control in Washington, including a filibuster-proof Republican majority in the Senate."
Read more: http://www.politico.com/story/2016/01/gop-2016-candidates-tax-plans-budget-217268#ixzz3wHzSK24m
But there really is no contradiction here. The GOP is simply front loading the more attractive sounding part-the tax cuts. Once the GOP is elected and explodes the deficit then it will demand deficit reduction-not by getting rid of the tax cuts that caused the problem but cutting Social Security like Jeb wants to do or privatizing Medicare a la Paul Ryan-or eliminating all these departments like Cruz.
It goes back to Jude Wanniski's Two Santa Claus theory-the Dems are the Santa Claus of social spending the GOP the Santa Claus of tax cuts.
So the pain that has to come after is implied. By the way, a lot of these GOP plans are underestimated in terms of how much they'll raise the deficit-only the number given to Trump is accurate.
It's like what happened in Kansas. GOP Governor Sam Brownback busted the budget via his deep tax cuts for the rich. Now he is paying for this by raising taxes on the poor via a increase in the sales tax, etc.
http://thinkprogress.org/economy/2015/06/16/3669801/kansas-sales-tax-hike-budget-deal/
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