The GOP's debt ceiling bill would have the practical effect of raising taxes by more than $300 billion. (via MaddowBlog)
The bill, which passed in the GOP-controlled House and won’t survive the Democratic-led Senate, would repeal clean-energy tax credits that Congress created last year. The changes would shrink breaks for wind energy, solar power, hydrogen and electric vehicles, effectively raising taxes on some manufacturers, car buyers and others.
And if we’re having a debate by GOP rules, the elimination of a tax break is — or at least should be considered — a tax hike. Some Republicans, including Rep. Nancy Mace of South Carolina, conceded that their party’s bill would, in a technical sense, include tax increases. But as the Journal’sadded, key GOP leaders have decided to work around the problem by pretending it doesn’t exist.
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