James T. Tucker: “Mr. Chairman, so what is wrong with a $19 billion tax cut for individuals and for businesses? Well, on the surface…”

“Mr. Chairman, so what is wrong with a $19 billion tax cut for individuals and for businesses? Well, on the surface, nothing. Except two crucial questions: Who and what? Who benefits from these tax cuts, and what will be the cost of these cuts? First, the wealthiest 1 percent will get 20 percent of the benefits. The wealthiest 5 percent will get 36 percent of the benefits. And the wealthiest 10 percent will get almost half of the benefits, 47 percent. Taxpayers making up to $200,000 will get $11,000, while those making less than $30,000 will receive a paltry $124. This bill pays for these tax cuts to the rich and corporations by cutting discretionary spending by $100 billion, which has already been cut significantly. We are talking about housing, and we are talking about applying cuts already made in programs like school lunches. The cost of this tax cut over 10 years is $700 billion. This hurts deficit reduction. This bill should be changed to target families making up to $100,000, the real middle-class.”