Demand that Congress allow the phaseout of Bush tax-cuts of 2001 and 2003
The top 1 percent of families hold half of all non-home wealth, gained two-thirds (66%) of all additional income generated in 2009, have an average tax rate of 16.7%, and have a combined wealth greater than the bottom 90% of the population of the U.S.
The wealthiest 10 percent (which includes this top 1%) own roughly 85 percent of all outstanding stocks, roughly 85 percent of all financial securities, own 90 percent of all business equity and earn 50% of all income generated in America. The 9 percent (from 91 to 99%) just below the top 1%, also own a combined wealth greater than the bottom 90% of the population.
Former President George W. Bush started and funded two wars (Iraq and Afghanistan), the Medicare part D legislation and two tax cuts (these tax cuts represent 3.5 trillion dollars over a 10 year period). The Bush tax-cuts were specifically written to aid the wealthiest Americans and provided the greatest benefit for capital gains taxes and other 'vehicles' used primarily by the wealthy. The Bush tax cuts, the wars and the Medicare legislation were not paid for by Congress, when enacted, and were simply added to the national debt. The national debt, at the time of this writing, is roughly 13.4 trillion dollars.
The United States is now faced with the most severe recession since the Great Depression. The Republican leadership is now proposing that the Bush tax-cuts continue (without paying for them again) because of the stimulative effect of tax-cuts (each dollar spent on tax-cuts equates to 32 cents of 'stimulus'). Congress is now debating the continuation of these tax-cuts. The additional 3.7 trillion dollars necessary to continue these tax-cuts will again be simply, 'added to the national debt'. The total cost of making these tax cuts permanent, including the related interest costs, would be $4.4 trillion over the next ten-year period
Private industry was incapable of pulling the United States out of the Great Depression, they are now equally incapable of pulling this country out of our current severe recession (Industry is now 'holding' 2 trillion dollars in cash reserves). Massive government spending (approximately 10 trillion in today's dollars) for the Second World War, in conjunction with civilian support and extreme rationing of consumer goods (there is no free lunch) was responsible for the final end of joblessness, bank failures and foreclosures that marked the Great Depression years as some of the darkest of American history.
The additional revenue generated by the total elimination of these 'borrowed tax-cuts' (In conjunction with cutting government 'waste' and spending) MUST be utilized to strengthen the national infrastructure (modernize and improve roads, bridges, schools and prepare for the 21st century) and pay towards programs that deliver a much higher return for each dollar expended (Example: Paying unemployment realizes a 'stimulative effect' of $1.61 and food stamps, $1.72 for each dollar expended). Return the federal, state and local governments to solvency (stop the hemorrhaging of police, fire personnel and teacher positions) and spend this revenue on tried and true methods to create jobs. Congress must also COMMIT 50% (or a 'locked-in' percentage) of this new revenue to PAY OFF THE NATIONAL DEBT.
In closing, I realize that I must show courage and foresight to sacrifice for this countries future. I will commit to higher taxes for the short term to strengthen, modernize and stabilize the economy of my country for the future of all Americans. I demand, however, that congress fashion legislation that WILL tell me exactly WHERE this additional revenue will be spent (and why). This is no longer 'just a political game', tax-cuts with 'borrowed money' MUST end!
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