Middle Class Job Protection Act? Sounds more like the Trickle Down Act!

[ck4829]

I haven't been able to find much on this new act. Republicans seem to want to trumpet it as something great, but at the same time, they don't want average people to know about it (Probably because America might be wising up, just because you call it the Clean Air Act, maybe it really doesn't make the air cleaner and stuff like that).

One of the few places it appears is on a right wing blog, the blogger calls it "sensible legislation" by the way.

"Republican Chief Deputy Whip Eric Cantor (R-VA), was joined today by Congressman Jeb Hensarling (R-TX.), Congresswoman Kay Granger (R-TX), Congressman Jim Jordan (R-OH), Congresswoman Michele Bachmann (R-MN), and Congressman John Campbell (R-CA) to discuss the need to grow the U.S. economy to help promote middle class job opportunities. The group introduced Cantor's Middle Class Job Protection Act today at a press conference in the U.S. Capitol.

...

"Job growth - not increased government spending is the key to addressing the slowdown in investment due to the housing crisis." A renewed investment outlook will result in job protection for America's families, while allowing America to continue leading globally," concluded Cantor.

THE MIDDLE CLASS JOBS PROTECTION ACT WILL:

1) Slash the corporate tax rate from 35% to 25%, encouraging businesses to create jobs.

2) Provide for a 50% bonus depreciation for 2008 and 2009.

3) Allow for section 179 expensing for '08-'09 of up to $250,000 for purchases up to a $1 M

4) Allow a 5 year carry back of Net Operating Loss.

5) Allow for extension of carry back period for Business Tax Credits for 3 years."

http://massdiscussion.blogspot.com/2008/01/rep-cantor-introduces-middle-class-jobs.html

This is the definition of Trickle Down Economics right here. What kind of idiot really believes that the wealthy will take money they get from tax cuts and use it to create jobs? What's stopping them from using that money to make their pockets fatter? Yeah, they might invest that money... in an offshore tax haven in the Cayman Islands.

Let your Congresspeople know, Trickle Down Economics is never a solution to any economic crisis.

[racaulk]

1. I think it's part of a larger movement.

To give something a name opposite of what it really is so that it somehow seems more palatable to the sheeple. The "Patriot" Act, the "Fair" Tax, etc. It's all very Orwellian...and I think it's being done intentionally.


On edit: The "No Child Left Behind" Act also...

[Romulox]

2. E.g. "free trade". nt

[racaulk]

4. Exactly! n/t

[OzarkDem]

15. Clear skies n/t

[annabanana]

3. I sure as hell would like someone, ANYone, to explain how those

five things would help anyone in the working middle class? That makes absolutely zero sense...

[hfojvt]

6. because if big corporations don't have to pay taxes then everybody wins!

How can you not understand that? If you throw money at rich people or their corporations they are bound to use some of that to either hire somebody or to pay wages of people already working there.

I am disappointed though, that they did not think to reward productivity and innovation by providing a Super Income Credit Kick. My plan provides a Super Income Credit Kick (or SICK for short) to those productive people who make more than a million dollars a year, and it also creates a new 9% tax bracket on the first hundred dollars of taxable income. For every million in income, taxpayers get a $10,000 tax credit. My plan will provide a tax cut for every taxpayer averaging about $150. Clearly that is what this economy needs because when people get to keep more of what they earn, they spend more, and it is consumer spending that drives this economy.

I suppose you would suggest something SOCIALIST like sending money to hungry people so they can buy food, and to homeless people so they can pay rent. As if that would create any jobs. It's obvious that everybody would just quit their jobs so they could get the $200 a month from the government. Then where would we be? I'll tell you where - we'd be broke, unemployed, and without any health care just like those socialist countries in the EU, like, like Norway. Or France. Duh. Sheesh, liberals just do not understand even basic economics.

[oldbadgerwoman]

5. This bill will only make things worse

As usual for this insipid group that is running the show, this bill does nothing to address the real causes for the shrinking middle class. Giving the rich tax breaks so they can create more jobs does nothing to ensure that they will actually use it to create jobs or if they do that they will create jobs here.

Publicly owned companies are being forced to downsize or offshore their employees as the stockowners insist upon an increase in profits every quarter. If they don’t get an increase they sell their stock and the company crashes.

For every person that gets the ax, there is one less consumer, so this negative effect trickles down to everyone from the mortgage broker to the button maker. The stockowners are sucking all of the money from the economy and killing the middle class. Can anyone smell a depression in the wind? The last one was caused by the stock market and this will be caused by it also.

[truedelphi]

12. In the old days before Globalization, the tax cuts for the Corporations

Did indeed help the middle class.

But now the Corporations have research labs in Bangladesh or Singapore. Manufacturing facilities in China. Etc.

How likely is it that this bill will pass?

[yayden]

7. The what class?

If anything on that list applies to you, you're far above being "middle" class. God knows I've been looking to expense my half million dollar purchases for some time now under Section 179. Whatever that is.

[truedelphi]

16. Welcome to DU.

Oh and under Section 179 sub chapter 14, you can equally distribute your half million dollars to all of today's DU posters, and you'll get a special tax rebate.

But you have to do it by January 17th!

[ProgressiveFool]

8. Yeah, we need our dem congress critters to be on their toes

The repubs will try to steal the silverware on their way out the door this year.

[KatyaR]

9. That's nothing but protection for business.

You might as well pay the Mob for protection--it would benefit the middle class just as much.

More worthless bills from Washington--how do these people get elected?

[VP505]

10. Typical Reich Wing Republic

bullsh**, create legislation to fatten the pockets of corporations and call it job protection legislation. :grr: :grr: :grr:

[brentspeak]

11. What a joke. It's just more GOP Orweillian mis-labeling of policies which UNDERMINE the middle class

[truedelphi]

13. How likely is it that this bill will pass? n/t

[OzarkDem]

14. Cutting corporate taxes again

I challenge anyone to find a corporation that is still paying taxes.

[LSK]

17. SLASH THE CORPORATE TAX RATE????

WHAT THE FUCK IS THIS SHIT?????

ps: http://cantor.house.gov/011608.htm