As the George W. Bush tax give-a-ways to the rich are set to expire there are two proposals on the table. Republicans are unwilling to allow President Obama to give tax relief to working class people unless the deficit exploding tax give-a-ways to millionaires are preserved.
Both the Republican AND Democrat plans give tax cuts to all income brackets. But as the graphic below demonstrates the Republican plan gives massive breaks to the richest 5% of Americans. With no spending cuts to offset this give-a-way this plan will add over $700 billion to the national debt. It is this kind of Voo Doo Economics that have led to the last 3 Republican Presidents adding $9.2 trillion to the National Debt since 1981. Advocates of Trickle Down Economics have promised increased job creation and increased tax revenues, two promises that have NEVER been fulfilled (see also National Debt & Job Creation).
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