Meanwhile- As Deficit Explodes, GOP Demands Emergency Tax Cut for the Rich

[EleanorR]

Twenty senators have urged the Treasury to give the wealthy another tax cut via executive order.

A sitting U.S. president who can’t stop attacking black and brown people. A never-ending trade war that has necessitated more than one multibillion-dollar farm bailout. A humanitarian crisis on the border of his own state. These are just a handful of the many issues that Senator Ted Cruz could be focused on. Instead, he’s currently devoting his efforts to a much more important cause: demanding another tax cut for the rich, this time without Congress’s approval.

In a letter sent to Steve Mnuchin on Monday, the senator from Texas urged the Treasury Secretary to use his “authority” to index capital gains to inflation, a move that would almost exclusively benefit the mega-rich. Claiming, falsely, that the United States economy “has experienced historic levels of growth as a result of Congress and the current administration’s policies such as the Tax Cuts and Jobs Act,” Cruz insists that it is now crucial for the Treasury Department to adjust capital gains for inflation “so that everyday Americans can continue to enjoy better lives and livelihoods.” And by “everyday Americans,” he of course means (but doesn’t say) the spectacularly wealthy.

Missing from Cruz’s call for Mnuchin to use “executive authority” to end this “unfair” treatment of taxpayers, which was signed by 20 of his Republican colleagues, is the fact that, according to the Penn Wharton Budget model, a whopping 86% of the benefit of indexing capital gains to inflation would go to the 1 percent (and reduce annual tax revenue by an estimated $102 billion over a decade).

https://www.vanityfair.com/news/2019/07/republicans-capital-gains-tax-cut

There simply is no bottom for republicans, no shame, no moral compass.

[Yavin4]

1. In fairness, Cruz is representing the interests of his true constituents, the top 1%

Not the people of Texas.

[EleanorR]

2. That would be true of all republicans, yes?

The top 1% and the oligarchs, who are also now writing policy speeches for the republicans.

[Yavin4]

7. Exactly.

Which is why they need to make racist/xenophobic appeals.

[alwaysinasnit]

3. I imagine Cruz also stands to gain substantially from this bullshit.

https://qz.com/1428802/goldman-sachs-heidi-cruz-is-the-family-breadwinner/

...

As a managing director at Goldman Sachs, Heidi Cruz likely earns over $300,000 a year—without factoring in an additional bonus. As a senator, Ted Cruz earns an annual salary of $174,000 for his work as a public servant, placing him in the top 3% of American earners.

In the past few years, Ted Cruz also had other sources of income, including royalties from his book, A Time for Truth: Reigniting the Promise of America, which in 2015 came to a minimum $318,750 in royalty payments. (He reported making between $100,001 and $1 million in royalties for the book that year.)

...

[EleanorR]

5. Excellent point (nt)

[LastLiberal in PalmSprings]

4. Why have a Congress anyway? It just gets in the way of Fat Donnie's ability to rule

his Kingdom they way he wants without anyone being able to put restrictions on his actions.

This is what happens when a narcissistic megalomaniac sociopath gains virtually unlimited power.

God help the Iranians. During the transition before the inaugural, he asked one of the military briefers, "If we have nuclear weapons, why aren't we using them?"

[davsand]

6. I think the House should pass budget cuts.

Start with a few million out of military spending. Whatever amount it is that the orange anus wants to transfer for his wall would be a great start to the budget cuts. CLEARLY the military doesn't need the cash or else the orange anus wouldn't be taking it--right? That way, the rich folks could do without those tax cuts because they'd pay less in taxes--right?

Nah, in all seriousness, I have wondered what is stopping Pelosi and company from just removing that money from the military budget completely.





Laura

[pecosbob]

8. It is an emergency to the one percent

the odds on them retaining control are dropping precipitously. It's time for the GOP to start considering cruises abroad.

The odds of capital gains rates going up with the next Dem administration are also climbing.

[Proud Liberal Dem]

9. WTF? Executive order?

[Duppers]

10. This has always been the goals of GOP.

Save the rich $$$$.

[RT Atlanta]

11. If truly an 'emergency' end the wars and slash the annual 'defense' budget by 35%

re-allocate those resources to green new deal type infrastructure program, healthcare, schools, etc.

Oh, and bump the taxes on the rich.

[Astraea]

12. eat the rich

keep it up, gop, the pitchforks are coming

[a kennedy]

13. My favorite pin I wear on my jacket is a "eat the rich" along side a pin with a fork

and knife crossed next to it. Have gotten a ton of compliments on it, and it’s the damn truth. I want to see a chart of how much wealth the rich have compared to all the rest of us. In simple terms and easy to understand, just to show the huge disparity between us. I really don’t think lots of us really know how much it is. I loved Ross Perot’s charts back in the day, simple informative and easy to SEE THE DISPARITY.

[raccoon]

14. You got to be fucking kidding. Nt

[SharonAnn]

15. Actually, capital gains taxes should be RAISED to be equal to taxable income rates.

Why should someone who doesn't work, but receives wealth from the work of others, pay LESS in taxes than those who work?

[Hekate]

16. Because the country's not heading off the cliff fast enough?