Sunday, August 14, 2011

How The Debt Ceiling Deal Screws The Majority

Every time the Bush tax cuts for the wealthy are protected, the middle and lower classes–the majority–loses. This remains the case regardless of Republican nonsense regarding not cutting taxes on “job creators,” as if new jobs are raining down on us. The Center for American Progress explains and displays the likely cuts in education, health, energy and jobs resulting from the recent debt ceiling deal. On the other hand, tax cuts for the wealthy and corporations have been preserved; the deal, at least in the first round, includes not one penny in revenue:

The compromise reached between Congress and President Obama last week requires $1 trillion in cuts from federal budget discretionary programs and an agreement to identify another $1.5 trillion in deficit reduction by Thanksgiving. But there is no agreement yet on closing tax breaks for the highest income Americans or ending tax subsidies that pad the bottom line of the most profitable companies —special tax breaks that were declared off the table by Republicans in the recent round of negotiations. Our chart details the choices still to be made.

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