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View Diary: Dems urge vote on extending middle-income tax cuts (94 comments)

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  •  The FUON - An Urgent Need for Ferocity for US (1+ / 0-)
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    Beyond the larger argument of a political economy that has redirected a shamefully (and dangerously) disproportionate share of new wealth in the last 30 years to the very, very richest, there is the fierce urgency of rfn.  

    Beyong the larger argument of what and who caused the financial collapse and economic recession of the past 3 years, there is the fierce urgency of rfn.

    Beyond the larger argument over budget deficits and long term 'solvency' of our national fisc, there is the fierce urgency of rfn.

    And right f'n now, it's not those over $250,000 per year in income that are suffering the brunt of the current economic catastrophe, it is the rest of us.   Asking all of us to pay for a tax-cut luxury for the rich at a time when many of us are barely able (or not able) to afford necessities is both shameful and dangerous.  

    Even the current economic collapse is hitting the poor much harder than the rich. Take a moment to examine the chart below. The ten percent of Americans that have the lowest household incomes have an unemployment rate of over 30 percent, while the ten percent of Americans that have the highest household incomes have an unemployment rate of just about 3 percent....

    While billion-dollar hedge fund manager salaries are taxed at 15%, when we are forced to liquidate our 401Ks to try and make ends meet, we pay not only the higher taxes of ordinary income tax but also steep penalties (the kick-em-while-they're-down tax).

    While they argue for a permanent repeal of the "death tax" so that estates of billions of dollars will pass untaxed to the next 'deserving' generation, we are using up our savings to pay for today - leaving our children even further disadvantaged in this 'pay for play' educational system and 'pay for play' political economy'.

    And while everyone is riveted on whether the richest top 2% get their tax-cut entitlement, our other basic safety-net entitlements are going under the knife.

    And while everyone is riveted on whether the top 2% get their income tax-cut entitlment and avoid the "death tax", taxes and fees that raise the other 75% of our federal, state and local revenue are being driven up, up, up to fill in the gaping holes in our budgets caused by tax cuts to the rich.  And if they don't go up while income taxes go down, our basic governmental services will be cut - services like educating our children (the key to the economic ladder that represents our fading American Dream) and caring for our ill and disabled eldery (something a lifetime of work and sacrifice - remember 'Greatest Generation' have yes 'entitled' them to.)

    While they cut more holes in our already fraying saftey net, over 99% of the income of those in the top 1% is not even subject to the Social Security payroll taxes that most of the rest of us pay on all of our income.  

    The fierce urgency of now had better make a comeback, because we, the 98% of the population that are now classified as the "middle", we urgently need some ferocity on our behalf.  

    And we need it r.f.n.    

    Repeal the Decriminalization of Naked Credit Default Swaps (Bucket Shops)

    by Into The Woods on Mon Nov 15, 2010 at 11:54:59 AM PST

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