There is however, an alternative offered by the Congressional Progressive Caucus (CPC) which was offered on the floor but failed. Naturally.
The bill was named the "People's Budget" and deserved much more attention than what the corporate news channels dared to expose. Understand that regardless of the source, those organizations want the status-quo just like the rest of the top 2%. Dont kid yourself.
The bill was named the "People's Budget" and deserved much more attention than what the corporate news channels dared to expose. Understand that regardless of the source, those organizations want the status-quo just like the rest of the top 2%. Dont kid yourself.
I took a look at it and thought it worth posting about. Just the fact that it includes serious cuts to Pentagon spending while considering our country's security intact impressed me. But I'm easily impressed.
With Obama acting like a ConservaDem during this past year, it was quite a surprize to hear him beat down the Ryan Budget the other day. I was expecting more of the same collusion with the House leadership disguised as compassionate waterboarding. Understand he still wasnt promoting the People's Budget, but it sure sounded like he's fed up with the nonsense coming out of the House majority.
If you skim through the document you'll see new potential revenue sources:
- Closing overseas tax havens.
- Adding new tax brackets for households with more than $1 million in annual income.
- Instituting a modest financial transaction tax.
Some of the top earners in the US are urging our Congressional leadership to consider these progressive changes. Changes that would tax their income from their investment portfolios be taxed at the same rate as work income. That was done in the late 1980s under Presidents Reagan and Bush, and according to Newsweek, would raise $84 billion in 2011 alone.
I know some folks will be upset at the thought, but with Capital Gaines and dividend income taxes at a mere 15%, you perpetuate the class warfare that so many of my colleagues fail to recognize. I say that because the rest of the working population is paying 36%.
I know some folks will be upset at the thought, but with Capital Gaines and dividend income taxes at a mere 15%, you perpetuate the class warfare that so many of my colleagues fail to recognize. I say that because the rest of the working population is paying 36%.
4 comments:
Ironically, the Democratic candidate for Mayor of Kingston that sounds the most like Scott Walker didnt get the memo. Maybe he should follow Obama on Twitter.
Worth adding to your post, the "People's Budget" also strengthens Social Security by raising the taxable maximum to include 90% of economy-wide earnings and eliminating employer-paid caps on their high-income employees. Little chance of this being enacted because only 78% of Americans want it while the wealthy campaign supporters don't.
There is a lot to talk about here but I will just go with the desire to increase taxes on capital gains. What most people fail to understand is that taxes are only paid on capital gains when the investment is sold and a profit is made. When the tax rate on capital gains are high it is not worth the risk to sell what one has and invest in something new, so the investment simply sits and no taxes are paid at all. So if the tax rate on capital gains are increased most investors will simply sit on their investments until sometime in the future when the rate is lowered again. Put simply, if you increase the tax rate on capital gains you will not see the proposed increase in revenues.
It does not take an advanced degree in economics to realize that since the top 1% own 40% of the wealth in this country and earn 25% of the income, that we are on our way to a complete plutocracy. Ryan's historically ordinary budget will ensure this disastrous course of events.
American exceptionalism should mean that the budget will re invigorate the middle class and promote a way to move upward mobility for anyone. When billionaires get the most, or should I say; the most profitable companies in the world get more tax breaks/benefits and get rewarded for shipping jobs overseas-- when these same companies can indulge in unchecked price gouging, unfair labor practices--you get a break down of middle class and impoverishment of the majority of Americans.
The People's Budget helps the people of the United States-- and reins in greed, promotes social responsibility and invests in infrastructure and productive job growth-- Everything the Koch Brothers have worked to stifle.
This budget proposal is very good for America. Its implementation would restore America's greatness (now greatly diminished) and strengthen the dollar. Ryan's will further set the course of the dollar losing its status as the world's currency.. at which time we are all SCREWED.
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