Peanut Politics Saturday Edition: Will Republicans Put Country First instead of Party when it comes to a deal with the president?

Democrats were up in arms over President Obama's pan to cut $3-4 trillion dollars in spending which includes major cuts to entitlement spending, which are near & dear to the heart of the Democratic Party. Now if he's willing to go that far over on the GOP's turf in proposing such a plan that will give many liberal democrats heartburn, at least the republicans can do is to agree to raising of some taxes.

When the Republicans campaigned for the 2010 midterm elections, they promised voters that their Pledge to America included plans to create jobs and help the ailing economy. Despite refusing to elaborate on their plan to accomplish the campaign promises, voters swept Republicans into power in the House (+62) and many governor’s mansions and state legislatures across the country with high hopes the GOP was telling the truth and would begin serious legislation on the first day in session. After gaining power in the house in January 2011, Republicans in Congress have read the Constitution, proposed steep spending cuts for the poor and elderly, and voted to repeal the Affordable Health Act (which was just a symbolic gesture to voters). By now it is clear that Republicans had no plans or ideas to encourage job creation or to help the economy in spite of grandiose promises.

Instead of working to fulfill their campaign promises, Republicans have begun focusing on reducing the deficit by slashing programs that benefit the most vulnerable Americans, but have continued handing out ENTITLEMENTS to profitable corporations that pay little or no taxes. Although any respectable business would balance spending cuts with increased revenue to bring down deficits and balance a budget, Republicans refuse to entertain a balanced approach by increasing some taxes, along with spending cuts to generate much needed revenue regardless the dire shape the economy is in.

The tax cuts Republicans insist must stay in place are sure to be a major factor in the massive budget shortfalls projected over the next decade much like the unfunded Bush-era tax cuts that have played a major role in the current major economic downturn.

Nobody likes the idea of having to raise taxes, but now is not the time to worrying about political careers & future aspirations & what Conservative Radio Talk Show host will say about you, or whether or not you will get primaried in 2012. Its all about the future of the U.S. not about YOU! Both parties need to meet 50/50 on a deal to address the deficit & debt. The quicker they can do that, the quicker they can focus on addressing jobs & the saggibg economy

GOP Tax Cut Bill Would Add Almost $7 Trillion to America's National Debt To Further Enrich the Wealthiest

Citizens for Tax Justice reports:

On April 15 of this year, Rep. Jim Jordan (R-Ohio) and Rep. Jason Chaffetz (R-Utah) introduced a bill calling for a huge federal tax cut. They titled their bill (H.R.5029) “The Economic Freedom Act.” But it would better be called the “Endless Borrowing Act.” It would add almost $7 trillion to the national debt over the next ten years, mainly to further enrich the very wealthy.According to its sponsors, H.R. 5029 was introduced “in conjunction with the Republican Study Committee,” whose membership includes two-thirds of all House Republicans.

The bill has also been endorsed by a number of anti-tax organizations and people whose relentless pursuit of debtfinanced tax cuts for corporations and the wealthy has played a central role in the growth of the national debt over the past three decades. These include the Heritage Foundation, the anti-union National Taxpayers Union, the American Conservative Union, and the National Federation of Independent Business (which represents the nation’s “largest” small businesses) — plus, of course, GOP political strategist Grover Norquist. H.R. 5029 proposes to do the following:

• Cut the payroll taxes that pay for Social Security and Medicare
in half. (This particular tax cut is for one year only).

• Completely eliminate taxes on capital gains, for both individuals
and corporations.

• Eliminate almost three-quarters of the corporate income tax by (a) allowing businesses to write off equipment purchases immediately, rather than gradually as the equipment wears out & reducing the regular corporate tax rate to 12.5 percent (from the current 35 percent).

• Repeal the estate tax, a tax that falls almost entirely on the nation’s wealthiest families. Citizens for Tax Justice has analyzed the effects that H.R. 5029 would have on federal deficits and debt, as well as the distributional effects of the bill. These are our key findings:

The bill would add a staggering $6.9 trillion to federal deficits and debt over the upcoming decade. That’s $6,884,000,000,000 in additional government borrowing
over the next ten years, equal to almost $23,000 in added debt for every man, woman and child in our country. Starting in 2012, more than three-quarters of the proposed
tax cuts would go to the best-off five percent of all taxpayers, with 62 percent going to the top one percent).

In 2012, the average tax cut for the bottom 80 percent of all taxpayers would be $399. In contrast, the average tax cut in 2012 for the best-off one percent would be $157,522.