Repealing the estate tax isn't just a boon for the 5,500 wealthiest Americans; it is a bust to federal taxpayers, who would be on the hook for its quarter-of-a-trillion-dollars cost. And it gets worse: Combined with other tax bills approved by House Republicans so far this year, our debt would grow by $584 billion to finance tax cuts for the wealthy.
The IMF Guidelines demonstrate that the United States is not manipulating its currency and would not be at risk of losing a dispute. The far greater risk is that more middle class jobs will be lost in the United States as a result of foreign governments' currency manipulation. We need strong and enforceable disciplines in TPP to help prevent that from happening.
The major reversal from deep decline to economic growth occurred despite Republican opposition to President Obama's proposals, repeated GOP threats to default on our debt obligations, and an incredibly harmful 16-day government shutdown. And not only have Republicans stood in the way of Democratic policies, but they're now attempting to take credit for the recovery itself.
The House Ways and Means Committee voted this week to add $310 billion to the U.S. deficit by making permanent six tax credits for businesses. To put their fiscal irresponsibility into context, $310 billion represents half of the entire federal deficit this year -- which is the lowest it has been since President Obama took office.