The Republican Party has decided the president’s budget spends too much money! They are opposed! So on April Fool’s Day they offered their alternative plan. The subtext here being: The trillion dollar Bush tax cuts weren’t irresponsible enough. Let’s go crazy! WOOO!
The Republican Party plan would freeze discretionary spending for five years in the midst of a recession which, by most accounts and proved by history, will countermand any sort of economic recovery, but it also cuts taxes by 10 percent for the same Wall Street executives whose actions largely got us into this economic mess in the first place.
The marquee item, however, in the Republican plan is their inexplicably regressive tax cut for the super rich. Wealthy Americans in the top three tax brackets would see their tax burden cut to a flat 25 percent from previous rates of 35, 33 and 28. Now you might be asking, given that the Republicans are all about fiscal responsibility, how much does this Republican tax cut for the wealthiest three brackets actually cost? Some estimates, according to Steve Benen, project upwards of a $4 trillion price tag.
Again, the Republican grasp of fiscal responsibility is about as firm as their grasp of reality and sanity. It’s a world on the other side of the looking glass where nonsense is the norm.