Tax Fairness

[Click here to view what will be cut in Tennessee]

The Main Point: stop sacrificing jobs, education, health care and national defense just to continue protecting tax loopholes that benefit the wealthiest at the expense of middle and working class Americans.

It Comes Down to Priorities and Choices: Here’s a few examples of what the choices we face actually mean — and which side Republicans are coming down on:

  • Republicans will let the wealthiest Americans keep special tax breaks instead of funding our military.
  • Republicans will kick 70,000 kids off Head Start and fire 10,000 teachers instead of ending giveaways to Big Oil.
  • Republicans want to cut 1,000 FBI agents and aid to thousands of schools instead of ending loopholes that allow people like Mitt Romney to pay a lower tax rate than middle class workers.
  • Republicans will cut thousands of food safety inspectors, which could shut down the entire meat industry, instead of eliminating giveaways for corporate jets and special tax breaks for horse breeders in Kentucky (the home state of Sen. Minority Leader Mitch McConnell).

Republicans want to cut unemployment benefits and loans to small businesses rather than end tax breaks for companies that ship jobs overseas.

Dems Release Sensible and Balanced Sequester Replacement: Senate Democrats released a balanced replacement for the damaging across the board sequester cuts set to take effect on March 1st. The “American Family Economic Protection Act” includes a mix of spending cuts and new revenues.

  • Buffett Rule: Reduces deficit by $54 billion by making sure millionaires cannot pay a lower tax rate than a middle class family
  • Offshore Loophole: Reduces deficit by nearly $1 billion by eliminating tax break that encourages companies to ship jobs overseas.
  • Big Oil Loophole: Reduces deficit by $2 billion by eliminating a special tax loophole for the oil industry.
  • Responsible defense cuts: $27.5 billion: Modest reductions in the overall level of defense spending that will be slowly phased in.
  • Responsible domestic cuts: $27.5 billion: Ends direct payments, which are currently provided regardless of yields, prices, or farm income.

Details: http://livewire.talkingpointsmemo.com/entry/senate-democrats-roll-out-sequester-replacement-plan

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