Republicans drive up national debt with tax breaks for wealthy; Democrats must refuse cuts to essential programs.
For generations, Republicans have been driving up the national debt by providing tax breaks to the rich. This has had a huge cumulative impact, with corporations paying only 1% of the cost of running the country compared to 6% in the 1950s. The 2017 Republican tax cuts were a $1.9 trillion giveaway to wealthy individuals and corporations, and attacks on the Internal Revenue Service have further reduced the risk of audit for the wealthy. Republicans don’t seem to care about the debt, as the first House bill they advanced would increase it to protect tax cheats.
The MAGA tax plan proposed by Republicans would slash taxes for the wealthy and corporations, while raising them for everyone else. This would be accompanied by a 30% national sales tax, making it harder for families to afford basic necessities. Even with these measures, the national debt would not be reduced.
The 2011 debt ceiling crisis was manufactured by Republicans, who used it to push through an austerity program. This cost the US economy millions of jobs, delayed the recovery from the Great Recession, and helped pave the way for Donald Trump’s election. Trump has since blamed Republicans’ poor midterms performance on people not feeling “the full gravity of the pain our nation is going through”.
The ultimate irony is that without years of Republican handouts to the wealthy, there would be no debt ceiling hostage to take. To reduce the debt, Democrats should refuse to cut support for hardworking families and small businesses while billionaires and corporations avoid paying taxes. They should also repeal the 2017 Trump tax cuts, close loopholes, shut down tax havens, and impose a tax on billionaires’ wealth. By taking these steps, the US can strengthen its national balance sheet and reflect its values.
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