House Democrats support making the R&D tax credit permanent in a responsible, paid-for manner. Speaker Boehner and House Republicans, however, don’t. They are hypocritically vowing to yet again pass another unpaid-for measure of $181.6 billion that blows a hole in the nation’s rising deficit. Here’s how many unpaid-for tax measures the House GOP has approved so far in this Congress that will explode the deficit:
- $135.8 billion – from bills providing a permanent, unpaid-for, extension of eight expiring tax provisions;
- $269 billion – from a bill that provides a $269 billion tax break to the wealthiest 0.2 percent of Americans – 5,400 estates a year.
After today’s vote on this bill costing $181.6 billion, the House GOP’s fiscal irresponsibility will increase America’s deficit by nearly $600 billion! At the same time, Republicans are callously gutting key investments that serve hard-working American families:
- $200 billion over 10 years from higher education programs;
- $235 billion over 10 years from essential transportation programs crucial to supporting our nation’s crumbling infrastructure;
- $300 billion from imperative nutrition assistance programs that put food on the table for millions of families with children struggling to make ends meet.
As Democratic Leader Nancy Pelosi said today:
“We support [the R&D tax credit]…But with this bill alone, Republicans will be exploding the deficit by $182 billion…The fact is that House Republicans have spent this entire Congress blowing up the deficit with unpaid-for tax giveaways…This bill has nothing to do with enterprising startups that are unable to claim the R&D tax credit.”
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