As a stimulus proposal, Senator Jim DeMint (R-SC) has proposed $3.1 trillion in tax cuts whose benefits skew towards corporations and the wealthy. In order to raise money to pay for his recklesly expensive and largely ineffective stimulus, DeMint would eliminate tax deductions that help American families.
Senator DeMint’s plan would limit “itemized deductions to include only home mortgage interest and charitable contributions.” This means eliminating deductions which lower state and local tax burdens and help students pay for college, sick families pay medical bills, and teachers purchase supplies for their classrooms.
According to a Center for American Progress Action Fund analysis of IRS data, the DeMint plan would take away deductions from 45 million families who pay state and local taxes, 10 million families with steep medical expenses, 7.5 million families paying off college loans, and 3.4 million teachers who buy supplies for their students.
And to what end? To push through $3.1 trillion in permanent tax cuts which would give a $300,000 tax break to the average CEO and nothing at all to a minimum wage worker.