Friday, February 13, 2015

33 Dems Join GOP to Say Deficits Don't Matter When It Comes to Corporate Tax Cuts

Yesterday, the House GOP showed--yet again--that deficits only matter to them in discussions of helping the middle and working class. When it comes to extending tax credits that largely benefit upper incomes, increasing the deficit (by draining revenue) is great.

The House continued with their piecemeal and unfunded approach to tax extenders today, extending a set of tax credits for small businesses that would increase the deficit by $79.2 billion over ten years.
Democrats were urged to vote NO by the party leadership:
This bill is a combination of three bills permanently extending tax provisions affecting the tax treatment of small businesses and S Corporations, whose income are taxed at the individual shareholder level rather than the corporate level, as C Corporations are.  
The first bill would permanently extend an expired tax provision that increased the Section 179 maximum expensing of depreciable property for small businesses from $25,000 to $500,000, and increased the threshold over which such expensing is phased out from $200,000 to $2,000,000. It also extends the expired expansion of eligible property to include software.
The second bill would allow corporations converted from C Corps to S Corps to hold assets for only 5 years, rather than permanent law's 10 years, in order to avoid paying the full corporate tax rate on the "built-in gain" on income from the sale of that asset.
The third bill would allow a charitable contribution's adjusted basis, rather than its fair market value, to be used in calculating an S Corporation shareholder's individual tax benefit from the charitable contribution.
The JCT estimates that this package of permanent tax cuts will add $79.2 billion to the deficit over 10 years, and Republicans have chosen to bring the bill to the Floor without providing an offset.

The choice made by House Republicans to address these provisions one by one, while adding their cost to the deficit, represents an irresponsible approach that will only make reaching comprehensive tax reform and fixing our broken tax system harder.
This morning, DCCC chair Ben Lujan noted on Twitter that the unpaid-for tax cuts passed by the GOP yesterday and today could provide 10 years of universal Pre-K for American children and a year of NIH research. That the GOP chooses tax cuts instead is a statement of their values. 

33 Democrats, however, voted with the GOP:

Pete Aguilar (CA-31)
Brad Ashford (NE-02)
Joyce Beatty (OH-03)
Ami Bera (CA-07)
Sanford Bishop (GA-02)
Julia Brownley (CA-26)
Cheri Bustos (IL-17)
Henry Cuellar (TX-28)
John Delaney (MD-06)
Suzan DelBene (WA-01)
Elizabeth Esty (CT-05)
Tulsi Gabbard (HI-02)
John Garamendi (CA-03)
Gwen Graham (FL-02)
Janice Hahn (CA-44)
Hank Johnson (GA-04)
Robin Kelly (IL-02)
Derek Kilmer (WA-06)
Annie Kuster (NH-02)
Brenda Lawrence (MI-14)
David Loebsack (IA-02)
Sean Maloney (NY-18)
Grace Meng (NY-06)
Patrick Murphy (FL-18)
Rick Nolan (MN-08)
Scott Peters (CA-52)
Collin Peterson (MN-07)
Kathleen Rice (NY-04)
Dutch Ruppersberger (MD-02)
Kyrsten Sinema (AZ-09)
Dina Titus (NV-01)
Filemon Vela (TX-34)
Tim Walz (MN-01)

This vote was largely similar to the one yesterday.

12 Democrats who voted for yesterday's unpaid-for tax credits voted against today's:

Brendan Boyle (PA-13)
Lois Capps (CA-24)
Joaquin Castro (TX-20)
Ted Deutch (FL-21)
Alan Grayson (FL-09)
Denny Heck (WA-10)
Bill Keating (MA-09)
Ann Kirkpatrick (AZ-01)
Dan Lipinski (IL-03)
Ed Perlmutter (CO-07)
Mike Quigley (IL-05)
Juan Vargas (CA-51)

And six Democrats did the opposite:

Joyce Beatty (OH-03)
Tulsi Gabbard (HI-02)
Hank Johnson (GA-04)
Robin Kelly (IL-02)
Brenda Lawrence (MI-14)
Grace Meng (NY-06)

Walter Jones (NC-03) remained the sole Republican NO vote.

No comments:

Post a Comment