That’s approximately how much the Republican tax cut for the wealthiest tax bracket will cost. Reducing the top bracket from 35 to 25 percent will cost an estimated $4 trillion.
They also want to privatize Medicare, by the way. Yes, because insurance companies are a safe bet. They don’t bilk consumers or withhold coverage, do they?
They also want to freeze non-defense discretionary spending. In the middle of a deep recession. If stimulus spending helps the economy, what, I wonder, will happen if there’s a four year freeze in spending?
By the way, April Fools!
Actually, no. This is real. It only reads like a prank.
UPDATE: The Center for Tax Justice estimates that the Republican tax plan costs $300 billion more than the Obama plan.
_Over a fourth of taxpayers, mostly low-income families, would pay more in taxes under the House GOP plan than they would under the President’s plan.
_The richest one percent of taxpayers would pay $100,000 less, on average, under the House GOP plan than they would under the President’s plan.
_The income tax proposals in the House GOP plan, which is presented as a fiscally responsible alternative to the President’s plan, would cost over $300 billion more than the Obama income tax cuts in 2011 alone.
CORRECTION: The top three tax brackets would be reduced to 25 percent. This amounts to a $1.5 million annual tax giveaway to corporate CEOs and the like.