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Post by bot on May 5, 2014 16:02:00 GMT -5
House Republican Hypocrisy on Fiscal Responsibility This week House Republicans are bringing legislation to the Floor to extend the research and development tax credit for businesses. Democrats strongly support extending this tax credit and have included a permanent extension in the Make It In America jobs plan. Unfortunately, the Republican bill being considered this week is unpaid for and would add $155 billion to the deficit. The research and development tax credit is one of six permanent tax extender bills approved by Republicans on the Ways and Means Committee. These six bills would add $310 billion to the deficit over the next decade – 13 times the amount that it would cost to renew emergency unemployment insurance for the entire year. Meanwhile, House Republican leaders have insisted on paying for legislation to restore unemployment insurance for job-seekers, fix the sustainable growth rate for Medicare payments to doctors, and replace the irrational, across-the-board spending cuts imposed by the sequester. Economist have warned against unpaid for tax cuts: www.democraticwhip.gov/sites/default/files/researchanddevelopmenttaxcreditdocument.pdf
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