I simply cannot believe that Obama would have the "audacity" to try to foist the "Gang of Six" solution upon the poor, the middle class, and the elderly in America.
Here we are: we need and want the multi-millionaires and billionaires to shoulder a greater load of the tax burden in America. Friends, the current polls support this quite clearly. That's right, a substantial majority (including Republicans) want this as well; of course, in addition to reasonable spending cuts. Check out the polls yourselves. They speak loudly and clearly on the subject.
Well, did you know: Right now, multi-millionaires and billionaires currently pay the lowest tax rates in over sixty years? Yep, this is true despite the fact that there have been no positive trickle down benefits to most Americans. That's right, we've actually lost net jobs while the Bush tax cuts have been in effect since 2002. So that Republican experiment has clearly been a catastrophic failure; because over that time, the Bush tax cuts alone have increased our national debt by 5 Trillion Dollars.
We also want and need corporate America to pay some of the current tax burden by closing odious tax-loop-holes in which the top 70 major American corporations pay little or no taxes. Did you know that GE paid no taxes last year? But it gets worse. We actually had to pay GE over 3.5 billion in tax rebates and credits.
Yet what is Obama now trying to shove down our throats? Well, the short answer is more tax cuts for the very affluent in America. That's right, the "Gang of Six" solution actually calls for 1.5 trillion in tax cuts over ten years. Furthermore, these new tax cut gifts benefit only the very rich.
Right now, the maximum tax rate on the very rich is 35% of net income. Well, under the "Gang of Six" solution currently touted by Obama, the tax rate goes from 35% to 29%. How's that, folks? You know, we haven't seen tax rates on the affluent that low since the Administration of Herbert Hoover.
So exactly whose tax burden will make up for this newest largess to billionaires? Well, this new solution by Obama calls for a "widening of the tax base." What this means is that the middle class will have to shoulder this increased tax burden. Yet the poor will also have their tax burden increased. That's right; a person earning just $20,000 a year will have his or her tax burden increased, while billionaires get another tax cut. How's that for Obama's current view of economic justice? Even then, under this new Obama concession, the overall budget decrease is under 4 Trillion Dollars over ten years.
Of course, the Bush tax cuts, which are due to expire at the end of 2012, are also very relevant to this discussion. And the reason is: If those Bush tax cuts are simply allowed to expire, over a ten year period, we will increase tax revenues by 5 Trillion Dollars. Remember, if the Bush tax cuts were to expire, the tax rate of billionaires would increase just 4%, from 35% to 39%; which was the Clinton tax rate.
But guess what, folks? Under the "Gang of Six" solution, the Bush tax cuts become permanent; yet even worse, the maximum rate is decreased to 29% from a maximum potential of 39%.
Here's something else, folks. From the very beginning, the Republicans have stated they would close some tax loopholes, if Obama would simply agree to a maximum tax rate on billionaires being decreased to 25%. Well, friends, they're almost there. Aren't they?
So who gets hit the most under this new "audacious" Obama plan? Of course, and as usual under Obama, it's the middle class, the poor, America's elderly, as well as Social Security and Medicaid or Medicare recipients.
Also, expect substantial cuts in food stamps, housing supports, heating assistance, Pell Grants, and even WIC programs for the pregnant poor.
You know, as MB basically has stated; It's not what people say; instead, it's what they do. Well consider this: During the last budget debate, did you note how quick and happy Obama was to sacrifice fuel assistance to the elderly and poor as well as WIC Grants? Where was the shame!!
Still there is some hope that the "Gang of Six" injustice will not be implemented by Obama. The Congressional Black Caucus is speaking up now. Thank goodness.
Finally, what do you think this latest outrageous injustice will do the viability of the Democratic Party moving forward?
Friends, it's time to telephone or Email Obama and members of Congress to register your righteous indignation concerning the Gang of Six Plan to further decrease tax rates on billionaires. Yep, it's now or never.