August 3, 2010 01:52 PM | Permalink |
On April 15, Rep. Jim Jordan (R-Ohio) and Rep. Jason Chaffetz (R-Utah) introduced (H.R. 5029) “The Economic Freedom Act,” with the blessing of the House Republican Study Committee. This report finds that H.R. 5029 would add almost $7 trillion to the national debt over the next ten years, not counting other legislation to make all of the Bush tax cuts permanent (which the sponsors also support). By the second year it’s in effect, about 62 percent of the benefits would go to the richest 1 percent of taxpayers, and about three fourths would go to the richest 5 percent.