GOP Tax Plans: Good For Their Billionaire Special Interest Backers, Bad For Working People & The Middle Class

It’s clear who the GOP is most interested in impressing tonight: special interest billionaires like the Koch brothers who could bankroll their campaigns and super PACs. Across the debate stage, every single Republican candidate has a tax plan that slashes rates for the uber-wealthy at the expense of working people and middle class families.

No matter who “wins” the debate tonight and eventually secures the nomination — the Koch brothers and the rest of the GOP field’s special interest billionaire backers are guaranteed the promise of a massive increase in their after-tax incomes if they successfully buy the White House — while working families and the middle class are left behind.

More on the Republican field’s plans to give a big boost to their billionaire backers:

Marco Rubio’s tax plan would gift “the top 1 percent…tax cuts more than 103 times larger than the poorest 20 percent.” And totally eliminating taxes on investment income — Rubio’s biggest gift to the wealthy — is […]

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Drop The Mic: GOP Can’t Argue With Obama On Economy, Taxes

Facts are stubborn things, and no amount of spinning or cherry-picked statistics can argue with the reality that President Obama followed through on his commitment to the American people to make the wealthiest pay their fair share in taxes. And guess what? None of the doomsday scenarios predicted by the Republican Party and its cohorts came to pass. Since February 2010, the private-sector has added 14 million jobs; the stock market has doubled since its Great Recession low in 2009; and, all the while, Obama has cut the federal deficit by more than two-thirds since taking office.

If we learned anything from the past two presidencies, it’s that President Obama had it right on taxes and the economy and President Bush had it horribly wrong. Bush’s tax-giveaways delivered the exact opposite of what he promised: a tanked economy, increased inequality and a ballooning deficit. And yet, today’s GOP wants to double-down on Dubya’s policies.

Here’s what the 2016 GOP tax plans […]

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The Year Trump Took Over, Pt. 3: Tax Cuts For The Rich

The past year will forever be remembered as the year Donald Trump took over the Republican Party. His ubiquitous media presence and position atop the polls have put him in the driver’s seat of the race for the GOP presidential nomination. Conventional wisdom among the Republican establishment holds that the Trump balloon will pop; that despite their promises to support whoever wins the nomination, no one will actually have to hold their nose and vote for The Donald. This fantasy may explain their reluctance to stand up to his racist and hateful rhetoric, but only partially. The unsettling reality is that Trump’s platform and that of Republican Party are one and the same. Whether presented from the youthful veneer of Marco Rubio, the cowboy boot-clad Ted Cruz, or in the bumbling words of Jeb Bush – on issue after issue, the GOP is a mirror image of Trump’s vision.

Yesterday, we highlighted how the party is taking Trump’s lead on Islamophobia. Today, we […]

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Jeb Bush Is Still Running For President, And Now His Tax Plan Would Cost $8 Trillion

While Jeb Bush’s tax plan mirrors other Republican plans like Marco Rubio’s and give the largest benefits to the wealthy — including $800,000 annually in Jeb’s pockets — it’s now projected to cause an $8.1 trillion deficit that Bush has promised to fill by slashing government programs like Social Security and Medicare benefits.

The revised cost is 238 percent more than the $3.4 trillion cost his own economists projected in September, meaning even more drastic and damaging spending cuts that disproportionately hurt working families.

Read more: New York Times: Jeb Bush’s Tax Plan Would Cause $8.1 Trillion Budget Hole, Analysis Finds

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Rubio’s Plan Is Up Next: PolitiFact Confirms Jeb Bush’s Tax Plan Favors The Wealthy

Jeb Bush got caught for saying what many of his fellow Republicans like Marco Rubio inaccurately tout about their tax plans: Working and middle class families gain the most.

 

In reality, the GOP field’s tax proposals still disproportionately boost the top 1% of income-earners.

 

Despite Marco Rubio’s claims to the contrary, under his tax plan, “the top 1 percent would, on average, get tax cuts more than 103 times larger than the poorest 20 percent would get,” according to Vox.

 

Rubio’s tax cuts give a substantially bigger handout to the wealthy, but Jeb’s proposal gives top income-earners a disproportionate boost, too: “[T]he wealthiest Americans stand to benefit more than the middle class, thanks to Bush’s proposed changes in corporate, estate and other taxes,” according to a new PolitiFact report.

 

Rubio, Bush, and the rest of the field’s primary objective is to pad the pockets of their billionaire Wall Street donors — they’re making that very […]

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Rubio Thinks “There Has To Be Oversight” — Just Not For Wall Street, Apparently

Last night, Marco Rubio, prolific opponent of Wall Street regulations, got worked up about wasteful and fraudulent USAID and Department of Defense spending. Adamant that “there has to be oversight,” Rubio also agreed with host Greta Van Susteren on going after perpetrators of fraud:

 

VAN SUSTEREN: I really think it’s come to the point where people are prosecuted for, you know, fraud — investigated, I should say…

RUBIO: Well, if there’s fraud, there’s no doubt about it…

 

Meanwhile, Marco Rubio, who just picked up another Wall Street backer in billionaire investor Paul Singer, has voted four times to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act. Rubio’s voted against increasing small-investor protections designed to prevent crowdfunding scams. And he’s voted for loosening public disclosure laws for small companies seeking investors.

 

Rubio’s taken hundreds of thousands from Wall Street investors — and he wants to eliminate taxes on investment income to make sure the money keeps coming.

 

Marco Rubio’s […]

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Team Rubio Concedes Study Exaggerates “Progressivity” Of His Tax Plan

For all Marco Rubio’s faux-outrage over his tax-policy debate confrontation with John Harwood, turns out Harwood was right after all. And Rubio’s campaign admits that the cited study actually exaggerates his plan’s progressivity.

 

Here are two big takeaways from a Vox breakdown of Rubio’s plan:

 

First of all, Harwood was right: The top 1% of income earners get a disproportionate increase in after-tax income, as compared with the middle class.

 

Secondly, Rubio’s own campaign admits that the Tax Foundation assessment Harwood cited is overly generous, due to flawed assumptions. In other words: Rubio’s tax plan would produce less of a boost for the bottom 10% of income-earners than the study suggests.

 

So here’s the upshot:

 

Rubio was correct that the Tax Foundation analysis showed lower income-earners get more of an income boost than do top income-earners, but Rubio’s own campaign admits the study exaggerates the extent.

Read more after the jump.

Rubio Was Wrong: Anti-Middle Class Tax Plan In Light Of Day

Marco Rubio couldn’t hide the truth about his regressive tax plan at last night’s debate. Unfortunately for Rubio, multiple analyses of his tax plan show the wealthiest one percent save more under his plan than middle income earners. Rubio’s sleight of hand doesn’t stand up to scrutiny in the light of day — John Harwood was right: Rubio is bad for middle-class Americans.

The one true thing Rubio said last night was when he admitted the wealthier are better off under his plan, saying, “If someone makes more money, numerically it’s going to be higher.”

Take a look at some of the ultimate Democratic super PAC’s (a.k.a the media’s) coverage of Rubio’s misleading comments:

Huffington Post: Flash and Fibs Were GOP Debate’s Big Winners

Rubio dodges a big question on his tax plan: This was in some ways the most important evasion of the night, because it’s an example of how deftly Rubio will […]

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Marco Rubio Admits His Tax Plan Favors Wealthy

Marco Rubio took time out of the Republican mudfight to remind voters that his tax plan overwhelmingly favors the wealthy. Rubio’s plan is so egregiously stacked against working families and tilts further toward the richest that Mitt Romney would’ve pay NO TAXES in 2011.

Rubio tonight: “If someone makes more money, numerically it’s going to be higher.”

Watch here:

Rubio Tax Giveaway To Wealthy
Plan Favors The Wealthy

PBS: Rubio Signed A Tax Proposal That “Would Slash Federal Tax Bills For Many Of The Wealthiest In The Country.” According to PBS, “Florida Sen. Rubio wrote a book in December outlining proposals to help low-income and middle-class families. In February he signed on to a sweeping tax proposal that does not cut top rates as much as Bush’s plan but does eliminate taxes on investment income. That would slash federal tax bills for many of the wealthiest in the country.” [PBS, 9/13/15]

Bloomberg On Rubio’s Plan: “Even the plan’s proponents […]

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The GOP Field’s Big-Donor-Friendly Tax Agenda That Favors The 1%

The tax plans Marco Rubio, Jeb Bush, Donald Trump, and the rest of the GOP field are shilling at tonight’s debate are proof of their primary allegiance to big money donors like the Koch brothers and the Wall Street interests bankrolling their campaigns.

Across the board, candidates are looking to slash corporate tax rates and dramatically reduce taxes on top income-earners — Marco Rubio would even go so far as to eliminate the capital gains tax, which is even more of a giveaway to the wealthy. In 2011, Mitt Romney would’ve paid NOTHING in taxes under Rubio’s plan. Jeb Bush likes to say his plan is “populist,” because it eliminates the carried interest loophole — but the top 1% of income earners would see a 11.6% bump in after-tax income under his plan — as compared with a 2.9% increase for the middle class. Bush would keep an extra $800,000 annually under his own plan.

It’s nothing we haven’t seen […]

Read more after the jump.