President Obama spent six years digging us out of the ditch Bush threw us into, and now the newly control GOP House and Senate is about to toss us back into the ditch in 2015.

As Republicans prepare to take control of Congress in a couple of weeks, after eliminating women’s reproductive rights, blocking the President’s executive action on immigration enforcement, and thwarting normalized relations with Cuba, they plan to revert back to Bush-era trickle down tax policy. In fact, very high atop the GOP’s agenda is reforming what they call “the highly unpopular federal tax code” to better serve the rich and corporations and express their thirty year love affair and devotion to “trickle-down” economics. However, some Republicans are beginning to express little hope that the President will go along with the scam and may eschew raising taxes on the poor, for now, and instead set their sights on slashing corporate taxes.

According to one of George W. Bush’s economic advisors and former head of the alleged non-partisan Congressional Budget Office, “I don’t think Republicans can get the individual side of the tax code done next year.” It is noteworthy that Paul Ryan intends on reinstituting an exclusively Republican CBO to approve the Republican trickle-down tax scheme as an economic boon to fool Americans into thinking that after thirty years, trickle down will work…this time. A Republican-friendly CBO will determine that the President’s objections to Republican plans to increase taxes on, and draw more revenue from middle and lower-class incomes to pay for tax cuts for the rich and corporations is errant and is a winning economic scheme for the storied “job creators.”

The Republican’s favored scheme is cutting taxes for the rich and simplifying the tax code for everyone else by expanding the tax base; translation – raise taxes on lower income Americans including those living in poverty and elderly Americans living off their meager Social Security retirement income. Republicans have also floated eliminating popular deductions for middle-class taxpayers thus raising their tax liability to fund corporate and rich Americans’ tax cuts. However, with the President’s intent on protecting the middle and lower class income earners, Republicans will likely put all their focus on corporate tax cuts.

Republicans complain that America has highest official corporate tax rate in the world at 35%, but U.S. corporations actually only pay an effective (real) federal tax rate of 12.6% as of 2010 according to Government Accountability Office. Even when foreign, state and local taxes were taken into account, the companies paid only 16.9% of their worldwide income in taxes in 2010. But that is too high for Republicans. Cutting the official corporate rate will bring the effective rate closer to 1-2 percent, but even that rate is far too high for Republicans and their corporate donors according to their stated intents.

Twitter @sheriffali

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This entry was posted on December 30, 2014 at 3:55 am and is filed under Uncategorized with tags 6 years later Economy rebounded, Bush Trickle Down Didn't Work, GOP 2015 give more to the Rich, GOP about to repeat Bush 2015, GOP Bush Trickle Down Assault 2015, GOP don't care about America's 98%, GOP Party of the 2%, GOP PLAIN EVIL, John Boehner, Mitch McConnell, Obama's tireless efforts, President Obama, Reelecting GOP That Burnt Us, Republican, Republicans, Republicans America's Real Enemy, Stand With Obama, Voters Stupidty. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.