child tax credit

Something About the Speaker (Footnote Fury)

House Speaker Paul Ryan (R-WI01) speaks at his primary night press conference, 9 August 2016, in Janesville, Wisconsin. (Photo by Darren Hauck/Getty Images)

“The new Paul Ryan tax cuts make the Bush tax cuts look like socialism.”

Jonathan Chait

Steve Benen frames the issue well enough:

House Speaker Paul Ryan (R-Wis.) has largely pulled off an impressive public-relations gambit in recent years. The Republican leader has recast himself as an anti-poverty crusader, without making any meaningful changes to his far-right agenda, simply by using the word “poverty” a whole lot.

But it’s occasionally worthwhile to look past the rhetoric and focus on the hard data ....

.... Ryan’s tax plan is crafted in such a way as to give 99.6% of the benefits to the wealthiest of the wealthy by 2025. The other 0.4% would be divided up across the other 99% of us.

This is a feature, not a bug, of the House Speaker’s approach to economic policy. Ryan genuinely believes that massive tax breaks for those at the very top will spur economic growth that would, in time, benefit everyone. For the Wisconsin congressman, trickle-down policy, its track record notwithstanding, remains the most responsible course to broad national prosperity.

(more…)

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Your Republican Party: Policy Outlook Edition

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Sometimes the message couldn’t be any more clear:

With negotiators nearing an accord on permanent tax breaks for businesses worth $440 billion over 10 years, President Obama rallied Democratic opposition on Tuesday and promised a veto.

“The president would veto the proposed deal because it would provide permanent tax breaks to help well-connected corporations while neglecting working families,” said Jennifer Friedman, a White House spokeswoman.

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Left off were the two tax breaks valued most by liberal Democrats: a permanently expanded earned-income credit and a child tax credit for the working poor. Friday night, Republican negotiators announced they would exclude those measures as payback for the president’s executive order on immigration, saying a surge of newly legalized workers would claim the credit, tax aides from both parties said.

(Weisman)

Really, this is what it comes to.

Then again, this is what Americans wanted, right? It’s what they voted for.

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Weisman, Jonathan. “Obama Threatens to Veto $440 Billion Tax Deal”. The New York Times. 25 November 2014.