Statement of Sharon Parrott, CBPP President, on House Budget Committee Chair Arrington’s budget resolution released today:It’s tempting to ignore a budget resolution released just days before the start of the fiscal year that it’s meant to guide, and amid the chaotic debate around a short-term exten...
, CBPP President, on House Budget Committee Chair Arrington’s budget resolution released today:
Chair Arrington made clear in his remarks the intent to extend the expiring tax cuts from the 2017 tax law, which included large tax cuts for the wealthy. In addition, the budget resolution itself would pave the way for unlimited, unpaid-for tax cuts that could go well beyond those extensions. The extensions alone would give annual tax breaks averaging $41,000 to tax filers in the top 1 percent and cost more than $350 billion a year, the Congressional Budget Office estimates.
The budget would also make deep cuts in the part of the budget that is funded annually through appropriations bills. Disingenuously, the budget resolution shows that these cuts total more than $4 trillion over ten years—but hides the program areas that would be cut, labeling them “government-wide savings.
A budget plan should focus on the nation’s needs and lay out an agenda that broadens opportunity, invests in people and families, reduces the too-high levels of hardship and financial stress faced by households across the country, and raises revenues for those investments. But the Arrington budget blueprint would shortchange much-needed investments and lock in wasteful tax cuts to the already wealthy for the next decade.
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