Cantor proposal would create windfall for the wealthy - not jobs.

[hfojvt]

http://www.cbpp.org/cms/index.cfm?fa=view&id=3734

"Though billed as a measure to create jobs by aiding small businesses, House Majority Leader Eric Cantor’s (R-VA) proposal for a 20 percent tax deduction in 2012 for businesses with fewer than 500 employees would benefit many high-income taxpayers — including many affluent doctors, lawyers, and stockbrokers — while failing to generate the promised economic benefits.[1] The Urban-Brookings Tax Policy Center estimates that nearly half — 49 percent — of the $46 billion tax cut that the measure would provide would go to people with incomes over $1 million a year.[2]

The Congressional Budget Office (CBO) rated this general approach as one of the least cost-effective ways that policymakers were considering to encourage growth or create jobs in a weak economy. For one thing, the tax benefits would flow disproportionately to high-income people who would spend a relatively small share of their additional income; thus, CBO estimated that the deduction would generate just 0 to 20 cents in economic growth for every dollar in budgetary cost. For another, firms would receive this tax break whether they hired new workers or not; thus, CBO estimated that in 2012 it would create one job or fewer per $1 million of budgetary cost."


In other news of the obvious, water is still wet.

[1StrongBlackMan]

1. When will someone in the media ...

pull the plug on this crap and ask the gop, how giving tax cuts to the wealthy will increase consumer demand that is driven by the middle and working classes?

[hfojvt]

4. thy cannot even waste time talking about it

First of all, because even on DU, it is not very interesting. My one thread on this sinks like a rock among the many, many threads discussing every detail of Trayvon. Not that that is unimportant, but we cannot seem to do both, and there are hundreds of other stories and issues that will get in the way of discussing boring things like the budget and taxes.

Either that or there is just nothing for us to argue about over this.

But secondly, the media are usually very well paid, and thus they are not really against tax cuts for the wealthy.

[1StrongBlackMan]

11. I live for the day ...

When a reporter loses it a says: "I call BULLSHIT, Mr. Cantor. Cutting taxes for the wealthy does nothing to spare the consumer demand required to get businesses to create jobs!"

And I just hope he/she gets it all out before they cut the live feed.

[sinkingfeeling]

2. Every dumb-a** bill proposed by the GOP House this session has

been labeled a 'jobs bill' while doing nothing about job creation!

[arthritisR_US]

3. They are the best at slight of hand and

verbal gobbidy goop.

Rec

[leveymg]

5. KNR. The shocking thing is that it passed both houses and Obama is set to sign it.

[1StrongBlackMan]

12. Actually ...

This is not a bad thing for me personally ... well actually my wife since she recently started a small business and will likely benefit from the bill,

But that said, the bill could cut her taxes to zero and she STILL wouldn't hire anyone until she has the demand to support the hire. Nope ... we'll just stack the money in the bank.

[BB_Troll]

6. The President needs to go along with this...

since it's an election year. He needs to grab more "Undecideds" who have not been impressed with the Banking Bailouts, the Auto Bailouts, and the Stimulus Packages.

[handmade34]

7. much to be concerned about

http://budget.house.gov/UploadedFiles/Pathtoprosperity2013.pdf

this is what worries me...

Sales of Unneeded Federal Assets

p.33 of document

the proposal would sell off many of our public lands.... even parks ...this is dangerous stuff and sad that it is considered

[sakabatou]

8. Not surprised.

[TeamsterDem]

9. He is such a little creep, a dishonest one at that. nt

[csziggy]

10. K&R

[MannyGoldstein]

13. I APOLOGIZE TO THOSE WHO POSTED HERE BASED ON MY RECOMMENDATION ON ANOTHER POST

*My* post was wrong - I was confusing this shitty bill with another one. The *other* one is ready for Obama to sign, not this one.

I Fucked Up, And I Apologize.

[leveymg]

14. Isn't that other Bill also a shitty business tax-cutting measure?

Can someone explain the merits of it, please? I'm already cynicism fatigued-out.

[MannyGoldstein]

15. Here's some info on the other bill

that's about to be law:

http://www.democraticunderground.com/1002464038

[leveymg]

16. Thanks. It looks like we're getting screwed from both sides.

But, not enjoying it much.