Posted on 11/18/2014 8:53:03 PM PST by 2ndDivisionVet
Congress has voted to remove the child tax credit, the earned income tax credit and the mortgage interest deduction from the tax code starting with the 2014 fiscal year.
The move is almost assured to solidify the perception of the 113rd Congress of the United States as deeply disconnected from the struggles and desires of the populace it is supposed to serve.
The move, long championed by entitlement reform advocates like congressman Paul Ryan R-Wisconsin and Ted Cruz R-Texas, will cut entitlement payouts by a staggering 177 billion dollars. 54.33 billion dollars in savings will be realized from discontinuing the earned income tax credit, which generally pays those making less than 12 thousand dollars yearly large cash tax rebates far in excess of the actual tax they paid. 69.7 billion will be saved from the mortgage interest tax deduction, which critics say primarily favors top income earners. The elimination of the child tax credit, which critics say serves no fair purpose, will result in an additional 54 billion dollar savings.
A heavy burst of lobbying preceded the vote by several free market/libertarian groups, most notably ones funded by Koch Industries. Initial democratic opposition and reluctance to vote in favor of amending the tax code withered in the face of overwhelming support from the majority party, and several industry groups. Many Democratic caucus members fled their own party leader’s stance to vote in favor of the measure with the majority of Republicans, citing their recent defeat in midterm elections as an endorsement by the people of the Republican platform and agenda.
Congressional Republican leader Kevin McCarthy called the elimination of the entitlements a major victory for America. He pledged to use the savings to establish a new “Job Creator” stimulus for American businesses and corporations: the centerpiece of which would be to cut corporate america’s tax burden by up to 500 billion dollars annually.
Congressman Paul Ryan had nothing but effusive praise for McCarthy’s proposed corporate tax cut. “This is the great news America has been waiting for”, said congressman Ryan. “By placing more money in the hands of Job Creators we can grow and move this economy forward. The detractors will say that giving already wealthy people more doesnt spur the economy. They always do. The detractors will point out empirical evidence and data that they say proves their point. But we will continue to use the undeniable facts of our ideology to make this country great, and not rely on spurious nonsense like empiricism. With more money in their coffers corporations will be able to expand their business, hire new skilled workers and fix the economy that President Obama has ruined.”
Conservative Economists working for the Heritage Foundation predict up to 20% yearly growth (depending on data sets) to the American economy if the forthcoming “Job Creator” bill is passed. Economist Paul Horner, speaking on behalf of the foundation, said the Dow Jones stock index could easily surpass 25,000, leading to a massive creation of wealth for speculators when the new corporate tax breaks take effect.
“All it takes is for us to redirect the funds that once went toward wasteful entitlements and apply them toward the vital functions of our economy”, stated Horner. “The slumbering giants of capitalism will arise from their torpor and rain manna of capital fulfillment on the people from their Plutocratic heights. And that, my friends, is the new American Dream.”
Not intentional parody but if Obama edited a paper it would look like “The Voice”.
Yes, the OP is from the “audited” black newspaper. If they’re trying to pass this off as genuine to their readers, then they ought to be held to account.
... This is a totally fake satirical piece ..... Even Snopes admits it.
My mortgage tax deduction is around $500.00. Depriving deadbeats of the EITC is worth the extra $41.67 per month.
The earned income tax credit is wealth transfer pure and simple and needs to die. To raise taxes by eliminating deductions without lowering the overall tax rate is criminal. The middl class is tapped out and America is suffering. suffering. They cannot wring more coin out of the peasants because more business will move to cash and barter and the grey and black markets will explode. Did these Federal asshats forget about the Laffer Curve?
A lot of us take the mortgage interest deduction. In other words you get to deduct it from your earnings when you calculate your income tax. It’s not a whole lot but it all adds up. The child tax credit is really going to hurt families big time. What all this means is that everybody’s tax bill is going up.
I guess Obama will get the funds he needs to move all the illegal aliens across the border and fund their welfare programs after all.... POS traitor...
Yeah and now the “citizens” won’t be able to afford the goods and services they offer because they have to pay higher taxes... Great logic Rand...
How about we give EITC and child tax credits to those who actually paid taxes?
Good to know its satire but with this current administration i would not be surprised if they put out a piece to see how people would react to it and if they didn’t would proceed doing exactly that...
Comments at the site indicate this is a satire reprinted from a different source.
Did your blood pressure shoot up? whew
I find this hard to believe. Reads like sarcasm
That's like right now. We're already in FY2015, aren't we?
I think its satire....cleverly done by some lunatic rat...
And furthermore if true, the Senate will not approve and the President will veto, so don’t worry, be happy.
This is all almost certainly false.
The source is either a joke or heavily partisan.
The (true) Republican plan, which was part of the Simpson-Bowles commission report, involves two constraints:
1. Neutral with respect to revenue
2. Neutral with respect to the relative share of taxes paid by taxpayers at income levels of income
So, let’s say the the child credit goes, then rates come down to compensate. Ditto mortgage interest deduction. Ditto everything else. Except maybe there are some phase-outs. Initially, the major effects on the budget involves decreased administrative costs and increased compliance. In the long-run, there would be additional budget impacts from increased work and investment.
we need tax cuts and simplification, not revenue neutral malarkey
> Did your blood pressure shoot up? whew
Daily especially around here...: )
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