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Article of the Day: Tax Cuts for the Wealthy and Corporations Are Unpopular

2017-11-03

This quote is from an op-ed by Paul Krugman in the New York Times, decrying the Republican tax plan:

And why should tax cuts even be on the table? We have budget deficits, not surpluses, and lots of unmet needs for future spending. U.S. taxes are low, not high, compared with other wealthy countries. Predictions that tax cuts will lead to rapid economic growth have been wrong time and again. And by large margins, voters want taxes on corporations and the wealthy to go up, not down.

The bill currently in the House would raise the deficit significantly and could not pass the Senate under supermajority rules and possibly not even raise a simple majority.  It cuts taxes on the wealthy and corporations and eliminates deductions and tax breaks used by middle-income taxpayers.

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