{"id":1027939,"date":"2023-11-01T17:18:49","date_gmt":"2023-11-01T17:18:49","guid":{"rendered":"https:\/\/democrats.org\/?p=1027939"},"modified":"2024-05-23T19:58:47","modified_gmt":"2024-05-23T19:58:47","slug":"maga-mikes-tax-giveaways-for-the-ultra-wealthy-delay-critical-israel-aid-would-blow-up-the-deficit","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/maga-mikes-tax-giveaways-for-the-ultra-wealthy-delay-critical-israel-aid-would-blow-up-the-deficit\/","title":{"rendered":"MAGA Mike\u2019s Tax Giveaways for the Ultra-Wealthy Delay Critical Israel Aid, Would Blow Up the Deficit"},"content":{"rendered":"\n
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In response to the Congressional Budget Office <\/em>revealing<\/em><\/a> that Mike Johnson\u2019s MAGAnomics attempt to give tax breaks to the ultra-wealthy and mega corporations would increase the deficit by billions of dollars, <\/em>DNC spokesperson Sarafina Chitika released the following statement:\u00a0<\/em><\/strong><\/p>\n\n\n\n

\u201cAnother day, another spectacular failure from MAGA Mike and House Republicans who are shamelessly playing politics with critical aid to Israel and ballooning the deficit while they\u2019re at it. The damage to Johnson\u2019s credibility is nothing compared to the danger of further delaying critical aid to our allies as well as humanitarian aid for thousands of innocent lives caught in the crossfire. Yet again, House Republicans have shown us that they cannot be trusted when the stakes are at their highest \u2014 and it is why their days in the majority are numbered.\u201d<\/p>\n\n\n\n

Multiple analyses \u2014 including from the nonpartisan Congressional Budget Office \u2014 have revealed that MAGA Mike\u2019s proposal would increase the deficit by BILLIONS of dollars.<\/strong><\/p>\n\n\n\n

The Hill<\/a>: \u201cHouse GOP\u2019s Israel-IRS bill could add over $12 billion to deficit: CBO\u201d<\/p>\n\n\n\n

Jake Sherman, Punchbowl News<\/a>: \u201c\ud83d\udea8 BREAKING — CBO says the House’s Israel aid bill is not offset at all. <\/p>\n\n\n\n

Will add $12.5B to the deficit in the next decade.<\/p>\n\n\n\n

Cuts to IRS will decrease revenue by $26.7B\u201d<\/p>\n\n\n\n

Stephen Neukam, The Messenger<\/a>: \u201cCBO says GOP’s proposed offsets for their Israel aid bill \u2014 a deep cut to IRS funding \u2014 would actually increase the deficit by $12.5 billion over the next decade (!!)\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cGOP plan to fund Israel aid with IRS cuts would cost $90 billion, tax chief says\u201d<\/p>\n\n\n\n

Danny Werfel, IRS commissioner<\/a>: \u201cThis type of the cut, over the cost of the Inflation Reduction Act, would actually cost taxpayers $90 billion \u2014 that\u2019s with a \u2018B.\u2019\u201d<\/p>\n\n\n\n

Semafor<\/a>: \u201cThe Committee for a Responsible Federal Budget said the GOP bill would add about $30 billion in red ink over a decade. Other independent analyses indicate IRS funding provides at least a two-fold return from stepping up audits on the ultra-rich.\u201d<\/p>\n\n\n\n

Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center<\/a>: \u201cInstead of being an offset, it would actually make matters worse. \u2026 The general rule of thumb that the budget scorekeepers use is it\u2019s about 2-to-1. So, if you cut IRS funding [by $14 billion to $15 billion], you\u2019re actually going to increase the deficit by about $30 billion.\u201d<\/p>\n\n\n\n

Steven Rattner, MSNBC economic analyst<\/a>: \u201cTo reiterate: offsetting gov’t spending by cutting the IRS budget is like offsetting a fire with gasoline.\u201d<\/p>\n\n\n\n

MAGA Mike\u2019s ploy to hold up Israel aid is a blatant attempt to advance his MAGAnomics agenda \u2014 attempting to give the ultra-wealthy a hall pass at the expense of our working families and our allies abroad.<\/strong><\/p>\n\n\n\n

HuffPost<\/a>: \u201cTo Pay For Israeli Aid, GOP Wants To Make It More Expensive For You To File Your Taxes\u201d<\/p>\n\n\n\n

The Independent<\/a>: \u201cRepublicans\u2019 Israel bill would strip money from IRS ability to crack down on tax cheats\u201d<\/p>\n\n\n\n

Forbes<\/a>: \u201cNew House Speaker Mike Johnson Ties Funding For Israel To IRS Budget Cuts\u201d<\/p>\n\n\n\n

Johnson\u2019s MAGAnomics proposal to cut IRS funding approved as part of the Inflation Reduction Act is in lockstep with Donald Trump and other 2024 Republicans who want to repeal the law.<\/strong><\/p>\n\n\n\n

Insider<\/a>: \u201cFormer President Donald Trump<\/strong> on Friday slammed the Democratic-led climate, health, and tax bill, arguing that Republican Senate Minority Leader Mitch McConnell of Kentucky was \u2018taken for a ride\u2019 by Sen. Joe Manchin of West Virginia.\u201d<\/p>\n\n\n\n

Haley<\/strong><\/a>: \u201c[The Inflation Reduction Act] is a communist manifesto.\u201d<\/p>\n\n\n\n

DeSantis<\/strong><\/a>: \u201cYou know, the good thing is I think there’s a pretty clear path to being able to reverse a lot of this stuff. The things he’s doing through executive order, you could reverse right away. But even what they did with the Inflation Reduction Act, they passed that via budget reconciliation in the Senate. So with 50 votes, I think, you know, we win the presidency, I’m pretty sure we would win the Senate and keep the House. And so at that case, what they put in by reconciliation, you could repeal by reconciliation.\u201d<\/p>\n\n\n\n

Scott<\/strong><\/a>: \u201cI would simply eliminate the IRA, the Inflation Reduction Act, which of course, is a lie from the pit of hell. \u2026 I would start the process of gutting that legislation.\u201d <\/p>\n\n\n\n

Christie<\/strong><\/a>: \u201cThe Inflation Reduction Act was a mistake.\u201d<\/p>\n\n\n\n

Burgum<\/strong><\/a> on whether he would push to repeal the IRA: \u201cYeah.\u201d<\/p>\n\n\n\n

KARK<\/a>: \u201cIn a statement Thursday, Gov. Asa Hutchinson<\/strong> came out in opposition to the Inflation Reduction Act, currently under debate in the senate. The act, a significant part of the Biden presidential agenda, puts billions of dollars into energy extraction and IRS enforcement, as well as health care reforms in Medicare drug pricing and Affordable Care Act extension.\u201d<\/p>\n\n\n\n

Johnson\u2019s proposal for tax giveaways for the ultra-wealthy and corporate tax cheats comes as 2024 Republicans are vowing to make permanent Trump\u2019s tax giveaways for the ultra-wealthy that left working families behind.<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/p>\n\n\n\n

The Guardian<\/a>: \u201cThey were billed as a \u2018middle-class miracle\u2019 but according to a new book Donald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/p>\n\n\n\n

Trump<\/strong><\/a> on whether his second-term tax policies would echo those of his first term: \u201cYeah, and I\u2019d do even more taxes.\u201d<\/p>\n\n\n\n

DeSantis<\/strong><\/a>: \u201cThe current rates that are due to expire, we want to keep those rates in place.\u201d <\/p>\n\n\n\n

Brian Sullivan: \u201cYou\u2019d keep those cuts going?\u201d<\/p>\n\n\n\n

DeSantis: \u201cYeah, we don\u2019t want to see increases in taxes.\u201d<\/p>\n\n\n\n

Scott<\/strong><\/a>: \u201cThat 2017 tax reform bill\u2014I was one of the four key authors of that bill. I\u2019m excited about continuing to extend and making permanent those tax cuts.\u201d<\/p>\n\n\n\n

Haley<\/strong><\/a>: \u201cWell, I think what I\u2019d like to see is us go back to what Trump had under the tax cuts under him \u2026 I was there.\u201d<\/p>\n\n\n\n

Christie<\/strong><\/a>: \u201cFirst of all, we need to extend the Trump tax cuts. I think those need to be extended.\u201d<\/p>\n\n\n\n

Ramaswamy<\/strong><\/a> on making permanent or expanding the Trump tax cuts: \u201cI\u2019d go a little further, Larry, than that, to be honest with you.\u201d<\/p>\n\n\n\n

Burgum<\/strong><\/a> in 2018: \u201cI believe in these economic policies, I believe the tax bill is a great thing.\u201d<\/p>\n\n\n\n

Hutchinson<\/strong><\/a> in 2018: \u201c\u200b\u200bPresident Trump’s #SOTU speech was good news for Arkansas as conservative policy changes in D.C. have led to tax cuts.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to the Congressional Budget Office revealing that Mike Johnson\u2019s MAGAnomics attempt to give tax breaks to the ultra-wealthy and mega corporations would increase the deficit by billions of dollars, DNC spokesperson Sarafina Chitika released the following statement:\u00a0 \u201cAnother day, another spectacular failure from MAGA Mike and House Republicans who are shamelessly playing politics […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1027939","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nMAGA Mike\u2019s Tax Giveaways for the Ultra-Wealthy Delay Critical Israel Aid, Would Blow Up the Deficit - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/maga-mikes-tax-giveaways-for-the-ultra-wealthy-delay-critical-israel-aid-would-blow-up-the-deficit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-01T17:18:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T19:58:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2023\/11\/image-1.png?w=1024\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/maga-mikes-tax-giveaways-for-the-ultra-wealthy-delay-critical-israel-aid-would-blow-up-the-deficit\/\",\"url\":\"https:\/\/democrats.org\/news\/maga-mikes-tax-giveaways-for-the-ultra-wealthy-delay-critical-israel-aid-would-blow-up-the-deficit\/\",\"name\":\"MAGA Mike\u2019s Tax Giveaways for the Ultra-Wealthy Delay Critical Israel Aid, Would Blow Up the Deficit - 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