The GOP would like to say “thank you” to all the tools out there who elected them, and they’re going to show their gratitude by dropping the earned-income tax credit and the child tax credit from the latest tax legislation they’re drafting. They’re doing this at the same time that they’re working to make corporate tax cuts permanent.
While we’ll be seeing fallout from this election until 2016, I feel safe in saying now that the people who got out and voted Republican did so in everyone’s worst interest, their own included. A study by the Public Religion Research Institute found that White working-class voters, as defined by the people lacking a college degree and who had hourly wage jobs, voted predominately Republican, by a margin of 61% to 26%. These are the same people who benefit most from the Earned Income Tax Credit and the expanded Child Tax Credit, which came in 2009 under the Obama stimulus package. That expanded Child Tax Credit made working class families eligible, and given that half of families in poverty are White, it’s safely extrapolated that about half of the beneficiaries are White.
I have no numbers for how many of them voted for the Republicans, but at this point, quantifying that is purely academic. It doesn’t erase the truth that a good hunk of these fools voted against themselves and are now going to get hurt because of it. Good job, folks.
So what’s this have to do with corporate tax cuts and new tax legislation? Well, according to the New York Times, the Republicans are working on emerging tax legislation that would take 10 provisions and make them permanent. Among them are an expanded research and development tax credit — one the Obama administration has been trying to make permanent for years — a measure allowing small businesses to deduct almost any investment, the American Opportunity Tax Credit for college costs, deductions for employer-provided mass transit, and four different tax breaks for corporations and charitable giving.
Missing from that list, according to the New York Times, are the EIC and Child Tax Credit. And the reason? Well, you’ll never guess (bolding mine):
[. . . ] Left off were the two tax breaks valued most by liberal Democrats: a permanently expanded earned-income credit and a child tax credit for the working poor. Friday night, Republican negotiators announced they would exclude those measures as payback for the president’s executive order on immigration, saying a surge of newly legalized workers would claim the credit, tax aides from both parties said.
The only thing standing in the way of the Republican party is the man they’re trying to poke in the eye. Something tells me that they didn’t think this one through, but that’d imply they’re capable of anything other than sycophantic bootlicking and corporate coprophagia.
I am truly amazed. In order to pay President Obama back for a rote executive order the likes of which has been carried out by every president since Eisenhower, they decide to target this country’s children and the abuse the people who voted for them. And yet, people still vote for them — it’s like Stockholm syndrome.
Which leads me to conclude: I hereby file a new motion — I want to rename “Stockholm syndrome” to “Republican voter syndrome.” All in favor?
h/t Daily Kos