Fiscal Responsibility

Questions for Republicans on their Tax Cut for Millionaires

We’ve got a number of questions on the “election-year giveaway” (according to Bruce Bartlett) Republicans brought to the House Floor today.  While it’s entertaining watching Republicans contort themselves to make this look like it’s about small businesses, the numbers make it pretty clear that it’s about relief for the wealthiest while everyone else bears the cost.  Here are some questions for Republicans that continue to leave us scratching our heads:

1. How is this a “Small Business Tax Cut Act” when it applies to 99.6% of businesses, and only 16% of the tax cut will go to businesses making less than $200,000?

2. Do Republicans really believe celebrities like Kim Kardashian and Donald Trump and professional sports teams need a tax break?

3. Mr. Cantor has cited a study finding that this one-year tax cut, costing $46 billion, would create only 39,000 jobs. The Center for American Progress helpfully did the math to show that this means $1.1 million per job. Do Republicans think that’s a bargain?

4. What happened to your claims that you're focused on the deficit?

5. Since this bill won’t create jobs (JCT economic impact analysis: “so small as to be incalculable”), when are you going to start bringing jobs bills to the Floor?