Categories: Giveaways

The Republicans’ solution to inflation? Tax freebies for the ultra-rich

Republicans have made clear their “plan” to fight inflation, extending tax giveaways to the ultra-rich.

Unfortunately for American families, if Republicans get their way, their plan would increase inflation, economists say.

The Washington Post: “”The corporate tax cuts that Republicans are pushing would increase inflation, increase the deficit and do little or nothing for economic growth,” said Furman, now a professor at Harvard. “They were a budget hack to get started. Expanding them without paying them now would be duplicating the original trick.”

The Washington Post: “Republicans are already pushing to extend three corporate tax breaks, including two that expired at the end of last year and a third that begins to expire next year. Together, these three measures they would add roughly $600 billion to the federal deficit over 10 years if extended, according to nonpartisan estimates, exceeding 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 rising inflation”.

And Republicans aren’t stopping there: House and Senate Republicans have also made Social Security and Medicare for the elderly a priority.

Bloomberg Government: “Social Security and Medicare eligibility changes, spending caps and safety net work requirements are among the top priorities of 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 eliminate all federal legislation for five years, under the (risky) assumption that decent laws would be re-enacted. This could mean the end of 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 gradually raise the retirement age to collect Social Security, based on changing lives and higher benefits low…”


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