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It’s tax time. It’s also a time when right-wing Republicans are setting the agenda for massive spending cuts that will hurt most Americans. Here’s the truth: The only way America can reduce the long-term budget deficit, maintain vital services, protect Social Security and Medicare, invest more in education and infrastructure, and not raise taxes on the working middle class is by raising taxes on the super rich. Even if we got rid of corporate welfare subsidies for big oil, big agriculture, and big Pharma – even if we cut back on our bloated defense budget – it wouldn’t be nearly enough. The vast majority of Americans can’t afford to pay more. Despite an economy that’s twice as large as it was thirty years ago, the bottom 90 percent are still stuck in the mud. If they’re employed they’re earning on average only about $280 more a year than thirty years ago, adjusted for inflation. That’s less than a 1 percent gain over more than a third of a century. (Families are doing somewhat better but that’s only because so many families now have to rely on two incomes.) Yet even as their share of the nation’s total income has withered, the tax burden on the middle has grown. Today’s working and middle-class taxpayers are shelling out a bigger chunk of income in payroll taxes, sales taxes, and property taxes than thirty years ago. It’s just the opposite for super rich. The top 1 percent’s share of national income has doubled over the past three decades (from 10 percent in 1981 to well over 20 percent now). The richest one-tenth of 1 percent’s share has tripled. And they’re doing better than ever. According to a new analysis by the Wall Street Journal, total compensation and benefits at publicly-traded Wall Street banks and securities firms hit a record in 2010 — $135 billion. That’s up 5.7 percent from 2009. Yet, remarkably, taxes on the top have plummeted. From the 1940s until 1980, the top tax income tax rate on the highest earners in America was at least 70 percent. In the 1950s, it was 91 percent. Now it’s 35 percent. Even if you include deductions and credits, the rich are now paying a far lower share of their incomes in taxes than at any time since World War II. The estate tax (which only hits the top 2 percent) has also been slashed. In 2000 it was 55 percent and kicked in after $1 million. Today it’s 35 percent and kicks in at $5 million. Capital gains – comprising most of the income of the super-rich – were taxed at 35 percent in the late 1980s. They’re now taxed at 15 percent. If the rich were taxed at the same rates they were half a century ago, they’d be paying in over $350 billion more this year alone, which translates into trillions over the next decade. That’s enough to accomplish everything the nation needs while also reducing future deficits. If we also cut what we don’t need (corporate welfare and bloated defense), taxes could be reduced for everyone earning under $80,000, too. And with a single payer health-care system – Medicare for all – instead of a gaggle of for-profit providers, the nation could save billions more. Yes, the rich will find ways to avoid paying more taxes courtesy of clever accountants and tax attorneys. But this has always been the case regardless of where the tax rate is set. That’s why the government should aim high. (During the 1950s, when the top rate was 91 percent, the rich exploited loopholes and deductions that as a practical matter reduced the effective top rate 50 to 60 percent – still substantial by today’s standards.) And yes, some of the super rich will move their money to the Cayman Islands and other tax shelters. But paying taxes is a central obligation of citizenship, and those who take their money abroad in an effort to avoid paying American taxes should lose their American citizenship. But don’t the super-rich have enough political power to kill any attempt to get them to pay their fair share? Only if we let them. Here’s the issue around which Progressives, populists on the right and left, unionized workers, and all other working people who are just plain fed up ought to be able to unite. Besides, the reason we have a Democrat in the White House – indeed, the reason we have a Democratic Party at all – is to try to rebalance the economy exactly this way. All the President has to do is connect the dots – the explosion of income and wealth among America’s super-rich, the dramatic drop in their tax rates, the consequential devastating budget squeezes in Washington and in state capitals, and the slashing of vital public services for the middle class and the poor. This shouldn’t be difficult. Most Americans are on the receiving end. By now they know trickle-down economics is a lie. And they sense the dice are loaded in favor of the multi-millionaires and billionaires, and their corporations, now paying a relative pittance in taxes. The President has the bully pulpit. But will he use it?
Hillary is sleaze -- pure and simple. If she wins I'm moving to Australia. Obama might be minnesota in eight more years but he's got no qualification to be President now. I'm voting for McCain.
They will never admit what a dismal failure he is. anytime you bring up the many failures, the debt he has accumulated, the lies in obama care - double counting, bribes, failed stimulus bills, unemployment, unable to make a decision - and constant backtracking, the usual response is i do not want to talk about it. and now the cost of gas. this will impact everybody and everything will go up in price - even for democrats. look at the polls. interest rates are low now but they will equalize and then we will not even be able to pay the interest in 10 years. i do not care who the gop candidate is, he or she has my vote. li think most people are now hoping for a change of the obama socialist agenda.
Actually, Obama *my* receive my ballet, but not my ballot. I didn't vote for him or McCain. I threw my vote away to a third party.
I think it is hilarious when people blame the president for something. The president doesn't have 'supreme power'. He can't do crap. He is just a figurehead. Even his ideas have to go through revision after revision and approval after approval. He can't just do things on his own. Farmer Billy Joe Brown from Idaho could have been elected and things would still be the same as they are now. If McCain had been elected, nothing would be different.
Looking at current polls, he's still around where he was when elected, thats almost unheard of in the 3rd year of any president. I would say most of the people who claim that they voted for him and now hate him are lairs about voting for him in the first place.
1. No one who doesn't play partisan politics can say that our recovery from the recession is a failure. 2. No one who doesn't play partisan politics can say for whom they will vote until such a time as the candidates are known, and their platforms are examined. 3. I wasn't aware Obama did ballet. I don't do ballet, so no - no ballet with Obama
If i had to vote a party, I'd be closer to Libertarian than either 2 major parties. Even if I am not happy with Obama, you're on crack if you think that means I'm voting Republican.
I'm still voting for him, despite the fact that he's a centralist.
I was smart enough not to vote for the moron in the first place. McCain sucked too though!!