Republicans Are Not Offering $300 Billion in New Taxes

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I know that constantly complaining about newspaper headlines can get old, but seriously, what’s up with this?

This is just flatly wrong. If you read down to the fifth paragraph, you’ll find this:

However, the tax increases would be offset by permanently extending the George W. Bush-era tax cuts past their 2012 expiration date, a move that would increase deficits by about $4 trillion over the next decade.

In other words, the net effect of the Republican deal would lower tax revenue by $3.7 trillion over the next decade. Even if you assume that only the top-end tax cuts are really on the table, extending them would cost $700 billion, which means the Republican deal nets out to negative $400 billion.

The headline itself is bad enough, suggesting that Republicans have made some kind of serious deficit reduction offer. But the subhead — which is taken directly from the story’s lead — is wildly misleading. The Republican deal doesn’t increase tax revenue by $300 billion. It just doesn’t.

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IT'S NOT THAT WE'RE SCREWED WITHOUT TRUMP:

"It's that we're screwed with or without him if we can't show the public that what we do matters for the long term," writes Mother Jones CEO Monika Bauerlein as she kicks off our drive to raise $350,000 in donations from readers by July 17.

This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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