GOP leaders argue that the budget deficit is the great moral issue of our day and requires great austerity.
Yet just before Memorial Day, GOP lawmakers unveiled their bold new economic program. You guessed right: more tax cuts for millionaires, billionaires, and global corporations.
The Republicans’ plan calls for reducing the top income tax rate on millionaires and big corporations from 35 percent to 25 percent — and slashing taxes on income from wealth by cutting the taxes on capital gains and dividends. The plan would accelerate the use offshore tax havens for corporations to move profits overseas to avoid U.S. taxes.
Combined with proposed cuts in Medicare, college aid, environmental protection, elder services, and children’s health care, you get a pretty stark picture of the kind of America GOP leaders would like the bottom 98 percent of us to live in.