Tuesday, July 27, 2010

GOP: Same Old Song-Tax Cuts for Rich

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The financial crisis changed the world two years ago, but it didn't change talking points in Washington. Debates today over whether to extend or repeal the Bush tax cuts are being argued in exactly the same terms as they were five years ago, Peter Beinart writes in The Daily Beast. Except back then, as Dick Cheney infamously said, deficits didn't matter. Now Republicans pretend deficits are all that matters—and yet they still favor holding onto those tax cuts that will add $2 trillion to the federal deficit over the next 10 years. A changed economy hasn't changed their polities in the slightest. "The Republicans were for cutting taxes when they didn't care about deficits and they are for cutting taxes when they do care about deficits, which is another way of saying that they don't really care about deficits," Beinart argues.

If allowed to lapse, repeal of Bush's tax cuts for the rich improve the deficit outlook by about $4 trillion over the next 10 years. The "party of NO" Republicans appear not to care about everyday working folks, but they have a big Yes on issues for the rich.  Same old song, different day!
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