Trillions In Giveaways to the Rich
Enacting massive tax giveaways to the wealthiest Americans seems to rank just after an all-consuming desire to defeat President Obama on the Republicans’ priority list. Texas Governor Rick Perry’s flat tax plan, which he released today in South Carolina, is just the latest entry in the Republican contest to drive down taxes on the wealthy while leaving middle class Americans to pay for what, if anything, remains of Medicare, Medicaid, Social Security, and other vital government programs and services.
Here’s the rundown.
- Mitt Romney: Romney’s tax plan includes a $6.6 TRILLION giveaway to corporations and the wealthiest Americans. Meanwhile, Romney’s Medicaid cuts are even more draconian than the ones in Paul Ryan plan. Both of their plans end also end Medicare, naturally.
- Rick Perry: Perry’s tax plan would not only lower income taxes on the wealthy, it would also completely eliminate taxes on capital gains and dividends (currently taxed at 15 percent). In other words, Perry would dramatically expand the loophole that already allows millionaires (like Mitt Romney) and billionaires to pay a lower tax rate than many middle class Americans. When asked this egregious giveaway to the wealthy, Perry responded: “I don’t care about that.” In addition, Perry’s plan also embraces the privatization of Social Security (a program he has referred to in the past as an unconstitutional“Ponzi scheme” that is a “monstrous lie”).
- Herman Cain: Cain’s now infamous 9-9-9 Plan would raise taxes on most all Americans, while slashing taxes for millionaires by an average of $487,300 each.
- Jon Huntsman: Huntsman’s plan would introduce new taxes on veterans, seniors, the working poor, middle class Americans, students, and many others in order to give the top 0.1 percent an annual tax of nearly $500,000 each.
- Michele Bachmann: Bachmann’s plan includes a massive tax cut for corporations and the wealthy paid for in part by increasing taxes on the working poor.
IN ONE SENTENCE: Republicans are proposing trillions in breathtaking new giveaways to the wealthy, all while slashing or even ending Medicare, Medicaid, Social Security, and other vital government services and programs that Americans depend on.
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