Republicans’ Solution to Inflation? Tax Giveaways for the Ultra-Wealthy
October 17, 2022
Republicans have been making their “plan” to fight inflation clear — extending tax giveaways to the ultra-wealthy.
Unfortunately for American families, if Republicans get their way, their plan would actually increase inflation, according to economists.
The Washington Post: “‘The corporate tax cuts the Republicans are pushing would add to inflation, add to the deficit, and do little or nothing for economic growth,’ said Furman, now a professor at Harvard. ‘They were a budget gimmick to start with. Extending them without paying for them now would be doubling down on the original gimmick.’”
The Washington Post: “Republicans are already pushing extension of three corporate tax breaks — including two that expired at the end of last year and a third that starts to expire next year. Collectively, these three measures would add roughly $600 billion to the federal deficit over 10 years if extended, according to nonpartisan estimates, outstripping the cost of Biden’s student debt relief program (the cost of which many Republicans have criticized) and increasing federal spending at a time of surging inflation.”
And Republicans are not stopping there — House and Senate Republicans have also made gutting seniors’ hard-earned Social Security and Medicare a priority.
Bloomberg Government: “Social Security and Medicare eligibility changes, spending caps, and safety-net work requirements are among the top priorities for key House Republicans who want to use next year’s debt-limit deadline to extract concessions from Democrats.”
Washington Post Opinion: “[Rick] Scott’s plan would also sunset — eliminate — all federal legislation over five years, under the (risky) assumption that worthy laws would be reenacted. That could mean an end to Social Security, Medicare, Medicaid, everything else mentioned above — and potentially more.”
NBC News: “The Republican Study Committee, a large group of House conservatives, proposed a budget in June that would incrementally raise the retirement age to collect Social Security, based on changing life spans, and lower benefits…”