Republicans Are Not Offering $300 Billion in New Taxes

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I know that constantly complaining about newspaper headlines can get old, but seriously, what’s up with this?

This is just flatly wrong. If you read down to the fifth paragraph, you’ll find this:

However, the tax increases would be offset by permanently extending the George W. Bush-era tax cuts past their 2012 expiration date, a move that would increase deficits by about $4 trillion over the next decade.

In other words, the net effect of the Republican deal would lower tax revenue by $3.7 trillion over the next decade. Even if you assume that only the top-end tax cuts are really on the table, extending them would cost $700 billion, which means the Republican deal nets out to negative $400 billion.

The headline itself is bad enough, suggesting that Republicans have made some kind of serious deficit reduction offer. But the subhead — which is taken directly from the story’s lead — is wildly misleading. The Republican deal doesn’t increase tax revenue by $300 billion. It just doesn’t.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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