Finally, after months of fervent expectation, the Republicans have introduced their great plan to return our country to economic stability- the Economic Freedom Act of 2010! I know you will all be thrilled to learn the details of their carefully crafted legislation, so let's dive right in. If you can't believe that this isn't some sort of sick joke, or if you want to read the whole thing, you can look here. But let's hit the highlights:
"HR 5029 IH
H. R. 5029
H. R. 5029
To amend the Internal Revenue Code of 1986 to allow the private sector to create robust levels of economic growth.
SEC. 2. ZERO PERCENT CAPITAL GAINS RATE FOR INDIVIDUALS AND CORPORATIONS.
(a) Zero Percent Capital Gains Rate for Individuals-
(b) Zero Percent Capital Gains Rate for Corporations-
‘(2) DIVIDENDS TAXED AT NET CAPITAL GAIN- Except as otherwise provided in this section, the term ‘net capital gain’ has the meaning given such term in section 1(h)(11)."
Yes, you read that right. The first major part of the Republican plan is to entirely eliminate income tax on capital gains and dividends- the income of the rich. Apparently, these people have no responsibility whatever to contribute to the maintenance of our country. The preposterous criminality and irresponsibility of this proposal takes my breath away.
"SEC. 3. REDUCTION IN CORPORATE INCOME TAX RATES.
(a) In General- Subsection (b) of section 11 of the Internal Revenue Code of 1986 is amended to read as follows:
‘(b) Amount of Tax- The amount of the tax imposed by subsection (a) shall be 12.5 percent of taxable income."
Corporate taxation, which amounted to 40% of taxes in 1950, is already, thanks to Republicans, down to barely over 10%. But no, that's not enough for them- let's just give the rich another huge payout, funded by all of the rest of us, by cutting the corporate tax rate from its current pathetic 15%. That will really help. No, really, they will just take the money and create a whole bunch of new jobs, the same way they did with Bush's giveaways to the rich.
"SEC. 4. ESTATE TAX REPEAL MADE PERMANENT."
I don't think I even need to comment on this one.
"ELECTION TO EXPENSE CERTAIN DEPRECIABLE BUSINESS ASSETS.
‘(a) Treatment as Expenses- A taxpayer may elect to treat the cost of any property to which this section applies as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which such property is placed in service.
‘(1) IN GENERAL- This section shall apply to property... which is acquired by purchase for use in the active conduct of a trade or business."
I.e. another way to see that corporations get another huge tax cut.
"SEC. 6. PAYROLL TAX DECREASE FOR 2010.
(a) Employees- Section 3101 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
‘(d) Reduction in Tax Rate for 2010- In the case of wages received during calendar year 2010--
‘(1) subsection (a) shall be applied by substituting ‘3.1 percent’ for ‘6.2 percent’ in the table contained therein, and
‘(2) subsection (b) shall be applied by substituting ‘0.725 percent’ for ‘1.45 percent’ in paragraph (6) thereof."
Remember that payroll taxes pay for unemployment compensation. So this one not only is a gigantic giveaway to the rich, it shafts all of the rest of us in the process. This is a true classic of Republican economic policy.
"SEC. 7. RESCISSION AND REPEAL IN ARRA.
(a) Rescission- Of the discretionary appropriations made available in division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5), all unobligated balances are rescinded.
(b) Repeal- Subtitles B and C of title II and titles III through VII of division B of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5) are repealed.
SEC. 9. REQUIRING THE SALE OF STOCK AND WARRANTS RECEIVED UNDER TARP.
Not later than the end of the 1-year period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall sell all stock and warrants acquired by the Secretary under the Troubled Asset Relief Program under title I of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.)"
These sections totally shut down the stimulus, which is all that has saved us from a true depression.
Well there it is- the only answer the Republican party has had for any problem, for decades- trillions in giveaways to the rich.
Steny Hoyer says that analysis of this bill indicates that it will triple the Federal budget deficit by 2015, but these disgusting criminals don't care. They are serving their rich masters, whose goal is to plunder every penny of wealth in the country, and leave the rest of us no better off than any third world peasant grubbing for enough to stay alive. This is their goal, and through the billions they can spend to spread their lying propaganda they are likely to achieve it; and with the collaboration of the mainstream press, turned over to multinational corporations by Ronald Reagan, they may well be poised to convince enough of the stupid, gullible voters in this country to buy into an economic theory that almost destroyed our economy just two years ago.
I repeat something I have said many times: Every Republican, every single one of them, is nothing but a criminal. The entire party is nothing but a criminal conspiracy, and it is well on its way to destroying the United States.