‘Tax Triggers’ Just Another Republican Scam
Of course trickle-down economics will fail to grow the economy/fund the government, but what if we just do it for a little while? Ben Mankiewicz, Brett Erlich, and Amberia Allen, hosts of The Young Turks, discuss. Tell us what you think in the comment section below. Join TYT: https://goo.gl/v8E64M
Read more here: http://talkingpointsmemo.com/dc/tax-bill-trigger-backstop-corker-republicans
“As the Senate races toward a vote Thursday or Friday on a 250-plus page bill to overhaul the American tax code, with no hearings and without a complete analysis of the bill’s impact, a cadre of Republican senators say they’re working “feverishly” on a last-minute rewrite. Skeptical of the wild economic growth GOP leadership promises will make up for all the revenue lost in the legislation, the change they’re seeking would create a “backstop” or “trigger” mechanism to undo some of the deepest tax cuts in the bill after several years if that magic economic growth doesn’t materialize.
“That way you’re in a situation where you’re not creating deficits, should the projections laid out not be real,” Sen. Bob Corker (R-TN) explained to reporters Monday night. “We’ve been working throughout the entire Thanksgiving break on it, working closely with the administration, and some members of the Finance Committee to design a trigger or a backstop—in the event the revenues are not there, there’s a way to recoup them.”
Corker, one of the leading proponents of the idea, wouldn’t say exactly what tax cuts the trigger would undo or when it would kick in, though he suggested there could be multiple triggers in the 10 years after the bill becomes law.”*
Hosts: Ben Mankiewicz, Brett Erlich, Amberia Allen
Cast: Ben Mankiewicz, Brett Erlich, Amberia Allen
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)
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