GOP Rejected White House Effort to Close Tax Loopholes

[applegrove]

GOP Rejected White House Effort to Close Tax Loopholes

May 15, 2023 at 4:53 pm EDT By Taegan Goddard 45 Comments

https://politicalwire.com/2023/05/15/gop-rejected-white-house-effort-to-close-tax-loopholes/

"SNIP........

“The White House recently gave congressional Republican leaders a list of proposals to reduce the deficit by closing tax loopholes during negotiations over the federal budget and the debt ceiling,” the Washington Post reports.

“But Republican negotiators rejected every item.”

..........SNIP"

[ProudMNDemocrat]

1. Party of the RICH...

And PROUD of it.

[OAITW r.2.0]

2. Of course they did. They aren't serious about the deficit or the budget.

What they want to do is create a crisis that holds our economy (and the world's) hostage to their reckless idea's o that could never pass as standalone bills.. If they don't raise the debt limit, no problem,,,they will blame Biden and the Democrats for the results in the 2024 election cycle.

[Freethinker65]

3. Go public with which tax loopholes the Republicans refuse to give up.

At every media opportunity work in a few of the loopholes/carve outs that Democrats know exist often solely to help wealthy Republican donors and how much could be saved if they paid their fair share like average Americans do.

[TheRealNorth]

4. Hell yeah

[Rebl2]

9. 👍

[LiberalLovinLug]

11. They never do. Democrats never take advantage these developments

I don't know if its because there are a few top wealthy Democrats who also benefit from these loopholes too. But you rarely hear backlash on these kinds of white collar legal thievery from any Democrat. Sanders is the only one and he's not a Democrat.

Too bad, because if they really wanted to, Democrats have all kinds of ammunition to use about how there has been a massive wealth transfer from the bottom up to the top over the last 40 years. Problem is, a lot of those recipients are either wealthy Democrats or their donors.

[Smilo]

13. Exactly

👍

[Biophilic]

5. Well, now, this surprises the heck out of me. Not.

[jaxexpat]

6. The Republicans will.pull all.the stops to elect Trump if he CAN win.

Absolutely nothing is more important than preventing Biden's success in tearing at the foundations of the American oligarchy, the progeny of the Robber Barons of a century and more in our past. The tax code is at once their greatest threat and their most reliable refuge. Thus they call themselves conservatives for they would preserve the status quo they have crafted for themselves.

[TomSlick]

7. I'm shocked.

Shocked I tell you.

[Hortensis]

8. "near-unanimous opposition among Repubs to using higher revenue to rein in federal debt."

NYT:

Rep. Dusty Johnson (R-S.D.), a leader of the House GOP’s moderate ( ) faction, told reporters Thursday that House Republicans have only two “red lines” in the negotiations, one of which is that the deal not include tax increases. (The other is for the debt ceiling increase to not be “clean,” meaning Republicans will insist on some concessions.) ...

The Center for American Progress, a center-left think tank, found in a recent report that debt as a percent of the U.S. economy would be falling without the tax cuts initiated by the two most recent GOP presidents. Revenue has been significantly lower than nonpartisan forecasters projected before the tax cuts.

“The debt ratio is increasing because of tax cuts, not spending, so taxes should be part of any deal around the debt.”

Rep. Johnson suggests that, as usual, after we refuse to let them cannibalize a trillion-and-a-half from our progressive spending, they'll extort some final, "face-saving" bennies for their megadonors in return for capitulation.

[NowISeetheLight]

10. List

Is there a list of the loopholes? They should be publicizing this.

[gratuitous]

12. Shouldn't hedge fund managers be taxed at the same rate as the custodians who clean their offices?

After all, we wouldn't want hedge fund managers to be disincentivized by paying lower taxes and keeping more money for themselves. (Isn't it curious how poor people would get lazy and unmotivated with more money or better benefits, but rich people are impervious to sloth no matter how much money is shoveled into their pockets?)