Following is a statement by Alan Essig, executive director of the Institute on Taxation and Economic Policy, regarding the budget resolution passed today in the U.S. House of Representatives.
“Today House Republicans approved a budget resolution that makes it easy for the GOP to pass its tax plan without bipartisan support. As ITEP concluded in a study released this week, the current tax proposal would increase the deficit by more than $200 billion annually and shower two-thirds of its tax cuts to the richest 1 percent of Americans. Most opinion polling shows the public does not approve of tax cuts for the rich, yet lawmakers continue their ignoble quest to boost the after-tax incomes of the already wealthy.
“Passing a budget is supposed to provide a structure for our elected officials to responsibly manage our nation’s finances and public investments. But that is not the purpose of this budget resolution.
“Aside from calling for trillions of dollars in cuts from programs such as Medicare and Medicaid, the main purpose of this budget is to set in motion the “reconciliation” process, in which a bill can be passed with a bare majority in the Senate. Republican leaders have stated their intention to use this process to enact what they call “tax reform.”
“Using the budget and reconciliation process to pass unpopular tax cuts that benefit the wealthy is shameful and should meet the same fate as the unpopular health care bill.”