Wednesday, September 14, 2011

The Gomer Pile of the House, Louie Gohmert, wants to blow a $300 billion hole in budget every year. Why aren't these guys in charge?

Here's another example of what we're in for if the Republicans take complete control of the federal government. Think Progress
Taking the GOP’s anti-tax ideology to its logical conclusion, Rep. Louie Gohmert (R-TX) introduced today his own “American Jobs Act” — giving his bill the same name as President Obama’s plan — which would completely eliminate corporate income taxes. Gohmert claims this will create jobs: The two-page bill changes the tax code to replace any mention of the current “35 percent” tax rate with “0 percent.” 

Of course, besides helping business increase their profits without adding jobs or increasing demand for their product, it kinda rips a hole in federal budget:
…balloon the deficit by depriving the government of about $300 billions in revenues annually. As the CBO found, cutting taxes on businesses “typically does not create an incentive for them to spend more on labor or to produce more, because production depends on the ability to sell output.”

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