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News Taxes Thursday, Mar 3 2016

GOP Tax Plans Give To The Rich At The Expense Of Working And Middle Class Families

Mar 03, 2016

Ted Cruz at tonight’s Fox News dumpster fire made sure everyone knows he supports a regressive flat tax that will explode the deficit.

The Sheriff of Nottingham called, he wants his tax plan back.

The Republican candidates’ tax plans are entirely focused on making huge cuts to the wealthiest Americans’ taxes, while leaving middle class and working families behind. Slashing taxes on investment income like capital gains, the Republicans are doing their best to impress special interests like the Koch brothers. As if that weren’t bad enough, Ted Cruz, Marco Rubio and Donald Trump’s plans all add trillions to the deficit to pay for massive giveaways to the wealthy.

Take a look at the damaging tax agenda of the GOP presidential candidates:

  • Tax experts estimate that Ted Cruz’s flat tax would add between $3.7 trillion to $16.2 trillion to the deficit over a decade. At the same time, his extremely regressive flat-tax proposal would require that middle-class income earners pay a greater percentage of their income than they do at present, but pad the pockets of his billionaire donors — increasing the the wealthiest’s after-tax income by 29.6%.
  • Marco Rubio’s tax plan would add at least $6.8 trillion to the deficit. Rubio’s tax plan would gift “the top 1 percent…tax cuts more than 103 times larger than the poorest 20 percent.” And totally eliminating taxes on investment income — Rubio’s biggest gift to the wealthy — is a huge giveaway for his Wall Street “megadonors” like Paul Singer, but does nothing for working families.
  • Donald Trump’s cuts would add up to $10 trillion lost in government revenue over ten years. His plan would drop the income tax rate for the wealthiest Americans to its lowest level since 1931.
  • John Kasich’s plan to balance the budget over 8 years comes at the cost of important safety net programs like Social Security.

Published: Mar 3, 2016

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