For the perpetual tax-cutters of the Republican Party, last week's surrender on the payroll tax cut extension for 160 million working Americans was an especially damaging one. While tried if untrue GOP talking points that "tax cuts pay for themselves" and "never need to be offset" were thoroughly debunked, new polling shows the large Republican lead on the tax issue has virtually evaporated.
All of which explains why Eric Cantor and House Republicans are now proposing the "JOBS Act," a package of anti-regulatory measures and a whopping 20 percent tax cut for small businesses. Sadly for Cantor, a mountain of evidence shows that customer demand, and not government regulations, is the biggest burden to small business hiring. And with the total federal tax burden having hit its lowest level since 1950, the GOP would deliver billions in budget-busting tax breaks to millions who need them least.