Let's Get Real.
Fresh on the heels of his warning to President Obama that he should not “poison the well” when it comes to working with the Republican-controlled Congress, House Speaker John Boehner made little effort to sugarcoat the GOP’s sweetheart deal for corporate interests, announcing a slate of permanent tax cuts worth more than $440 billion. Boehner did not offer an explanation of how the country went from being “broke,” as he claimed when faced with extending unemployment benefits, to being able to offer multi-billion-dollar corporate tax breaks. Unlike the cost of safety net programs for the poor and middle-class, there is no similar demand for budget offsets to cover the cost of corporate tax cuts.
In contrast, the House has so far declined to make permanent important tax credits for the working poor. Expiration of the Earned Income Credit and the Child Tax Credit would cost families hundreds. For example, a single mother of two, working full-time at minimum wage, would pay an additional $1,700 per year in taxes.
It appears the Republicans have decided that those struggling to make ends meet should be punished for President Obama’s executive action on immigration. Brian Torchin doesn’t quite understand if that will work out for them or not. The GOP cited the potential for millions of newly legalized workers to take advantage of the tax credits.