In short, it was a disaster. When the real estate bubble burst and the credit crunch squeezed the middle class, we came eerily close to a second Great Depression. The economic windfall of what goes down in history as the Great Recession won’t be forgotten any time soon, as our grandchildren’s children will most likely be looking at a piece of a pie chart labeled “interest on the national debt” for decades to come.
Jeb Bush, in all of his Republican establishment wisdom, has decided that his tax plan needs to not only mirror the failures of his brother, but take them a step further. Just like Dubyah did with the child tax credit, Jeb plans to sell his giveaway to the rich by promoting an expansion of the earned income credit, a tax program aimed at helping families near or below the poverty line. By selling a “helping hand,” Jeb will need to brush by the major tax cuts he’s proposing. That proposal includes a top-tier tax rate nearly one-third lower than his brother dared to peddle.
He will also be selling the idea that he will close tax loopholes that benefit the wealthy while dropping the capital gains tax five points lower than Dubyah did, from 28 percent to 20 percent. The capital gains tax flows to the top 0.1 percent of households nationwide.
What Jeb won’t be talking about is how we’ll pay for another round of “give to the wealthy, they really need it.” We’re bound to hear the same old rhetoric, that people at the top will spend more and invest more if they have more, and we’ll all reap the rewards.
Read it here.
Sorry Mr. Bush, but your plan is bullshit. Economy destroying, middle class wasting bullshit.
