ANALYSIS: House GOP ‘Jobs Plan’ Would Give Billions In Budget Busting Tax Breaks To Huge Corporation

[SecularMotion]

There is one consensus among all lawmakers as they push to bring back the jobs lost over the last few years and lower the unemployment rate: small businesses are the key. But Republican leaders are manifesting their desire to help small businesses by pushing for an extension of the Bush tax cuts for the rich (which will help less than two percent of small businesses) while simultaneously filibustering a bill providing tax credits to actual small businesses

But House Republicans have also proposed the Economic Freedom Act of 2010, a plan that embodies the same conservative economic policies that failed over the last decade. Introduced by Rep. Jim Jordan (R-OH) and Rep. Jason Chaffetz (R-UT) and supported by the House Republican Study Committee, it seeks to create new jobs through a number of huge tax breaks for wealthy individuals and corporations. Speaking on the House floor on April 22nd, Rep. Tom Rooney (R-FL) boldly stated:

Americans who have been jobless for over a year will continue down that road if new jobs simply do not exist. And I am not talking about temporary government jobs. Congress must work to stop spending and create a favorable environment for businesses to save money and invest by cutting taxes…This is why today I cosponsored the Economic Freedom Act.

How will the Freedom Act create jobs? It won’t. But among other things it will lower the corporate income tax from 35 percent to 12.5 percent, which as a new report from the Center for American Progress Action Fund and Citizens for Tax Justice shows, will give gigantic tax breaks to large corporations.

http://wonkroom.thinkprogress.org/2010/08/03/gop-corporate-break/