Just as anti-democratic Ayn Rand acolyte Republican Paul Ryan released his proposed federal budget, the Congressional Progressive Caucus came forward with their proposed budget.
The Progressive Caucus’ Budget is not only full of very good economic policy, but also full of common sense and and policy measures that are good for America and her people. Their budget proves that there are policy fixes for our economic woes if we could just get the party of Louie Gohmert, an assault rifle in every shotgun rack and evolution denying, women hating, gay bashing, rich worshiping Republicans to do something good for America instead of doing all they can to start multiple wars and destroy the economy.
The budget of the Progressive Caucus would:
- Return Clinton tax rates for households making over $250,000 and implement new tax rates for those making over $1 million.
- Equalize tax rates for investment income and payroll income.
- Eliminate the ability of US corporations to defer taxes on offshore profits.
- Enact a financial transaction tax on every financial, stock or bond trade.
- Implement a financial institution excise tax.
Let’s look at how much economic and common sense these policy measures make. Everyone who works for a living and draws a paycheck ought to be for the taxes they pay on hard earned income being no higher than the taxes the rich pay from investment income.
I was raised in a family that valued and honored work, a rural southern family that came from the land, a generally conservative family that thought we should all work, but also that all work should be adequately compensated and respected. I loaded hay, picked peaches, drove a tractor, cut grass, cleaned out sewers, cleaned out stables, did very simple carpentry and maintenance work, waited tables, washed dishes, and worked on a waterfront. I’ve worked like a man since I was 11 years old. And all the time I did that work, as a young man I was told it had inherent value and should be adequately compensated.
We have just learned that US corporations hide $2.1 trillion dollars in profits offshore to avoid paying American taxes on them. That is Un-American and the definition of a loophole big enough to drive a couple of 18 wheelers through.
If we have to pay a tax on every gallon of gas we pump, every bag of groceries we buy, then why shouldn’t the Wall St. boys pay a tiny tax every time they make a transaction? It was after all their reckless trading that crashed the economy, putting so many of us in such desperate straits.
Photos in order of appearance: Darya Mead on Flickr (CC BY 2.0) & DonkeyHotey on Flickr (CC BY 2.0)