Posts tagged class war
Posts tagged class war
Small business owners want to pay their fair share; tax breaks do not figure into their decisions whether to hire new employees.
We wanted to talk to business owners who would be affected. So, NPR requested help from numerous Republican congressional offices, including House and Senate leadership. They were unable to produce a single millionaire job creator for us to interview.
So we went to the business groups that have been lobbying against the surtax. Again, three days after putting in a request, none of them was able to find someone for us to talk to. A group called the Tax Relief Coalition said the problem was finding someone willing to talk about their personal taxes on national radio.
So next we put a query on Facebook. And several business owners who said they would be affected by the “millionaires surtax” responded.
This story is one of those stories you wish you could send to your conservative family members, but don’t because they’d just dismiss it as more NPR liberal propaganda.
Funny how this millionaire surtax will hurt the economy, but the payroll tax increasing is only good to the eyes of the GOP.
From the Center on Budget and Policy Priorities:
Tax policy should lean against the rising tide of income inequality, not exacerbate it. During the first three decades after World War II, economic growth was robust and widely shared: economy-wide productivity improvements were accompanied by significant increases in the living standards of most Americans. In recent decades, by contrast, the benefits of economic growth have not been widely shared. CBO data show that between 1979 and 2007, the average after-tax income of the top 1 percent of Americans grew by 281 percent, after adjusting for inflation, compared to just 25 percent for the middle 20 percent of Americans, and 16 percent for the poorest fifth of the population.
The tax cuts enacted in 2001 and 2003 provided the largest benefit to the highest-income households and widened these yawning income disparities. Under these tax cuts, households with incomes over $1 million stand to receive an average tax cut of $130,000 in 2012, according to the Tax Policy Center, equivalent to an increase of 6.3 percent in their after-tax income. Meanwhile, households in the middle of the income spectrum will receive tax cuts that equal 2.3 percent of their income. Households in the bottom quintile will receive an average increase in income of less than 1 percent.  (See Figure 3.)
Summary: after tax incomes from Bush’s tax cuts:
- Households > $1 million: increase of 6.3%
- Households in middle income: increase of 2.3%
- Households in bottom quintile: increase of < 1%
The GOP has been actively engaged in bottom-to-top income redistribution. And because of God, guns, and gays, the fundamentalist teabaggers will vote for it — despite their own precarious financial situation.
Want it to stop? Vote next time.
Member this the next time someone complains about the poor paying no income taxes: they have so little income to pay from that it only makes sense.
Elizabeth Warren dispels the “class warfare” myth with regard to taxing the wealthy.
Rep. Paul Ryan (R-WI) resumed his attacks on President Obama’s economic policy Sunday morning, suggesting that the President’s plan to tax millionaires’ profits from capital gains in order to fund job creation efforts constitutes “class warfare”:
RYAN: It adds further instability to our system — more uncertainty — and it punishes job creation and those people who create jobs. Class warfare, Chris, may make for really good politics but it makes for rotten economics. We don’t need to divide people and prey on people’s fear and envy and anxiety. We need to remove the barriers so entrepreneurs can hire people. These tax increases don’t work. […]
This is a double tax… If we tax investment and tax more you will get less of it. It looks like to me not a very good sign. It looks like the President wants to move down the class warfare path. Class warfare will simply divide this country more, will attack job creators, divide people, and it doesn’t grow the economy.
Ironically, Ryan was simultaneously calling for an end to the current temporary tax cuts, which would raise taxes by 50 percent on those making less than $106,000. While launching accusations of “class warfare,” Ryan is the one who would prefer that people with less money pay more, while those with more money keep more.
Paul Ryan says that he legitimately believes that raising taxes on the wealthy is warfare, but doing the exact same thing to the poor and middle class is a necessary step in recovery.
FOREIGN STUDENTS PAID UP TO $6,000 TO BE IN A U.S. SPONSORED CULTURAL-EXCHANGE PROGRAM, working at Hershey’s chocolate plant in Pennsylvania. Mandatory company housing costs left them with $40-$140 a week after 40 hours of work, and they were threatened with deportation if they complained. Yeah, that seem like a legit foreign cultural-exchange program IN AMERICA, doesn’t it? Corporations are people, too! From the LATimes:
The National Guestworker Alliance filed a complaint Wednesday on behalf of 400 international students who had apparently paid $3,000 to $6,000 to participate in a U.S.-certified cultural exchange program. The complaint, sent to the U.S. Department of State, says the students were exploited by Hershey Co. and that the company takes unfair advantage of the program.
The students also launched a protest at the plant. Those protests were continuing Thursday, with the students, labor leaders and Pennsylvania workers who have joined the fight rallying in downtown Hershey, according to an email alert the alliance sent to The Times
The organization, which helped organize the protests, has dubbed their efforts the Justice at Hershey’s Campaign.
The students, who hail from countries such as China, Turkey, Ukraine, Moldova, Mongolia, Ghana and Thailand, were recruited at their universities to participate in the U.S. State Department J-1 visa program, described on a U.S. State Department website as an Exchange Visitor Program. The program leads to a three-month visa that allows students to work in the United States while learning about American culture and improving their English skills.
The goal of the program, according to the State Department’s site, is to foster “global understanding through educational and cultural exchange.”
Instead, says a representative of the National Guestworker Alliance, students who wound up at the Hershey’s plant were living in “economic captivity,” forced to pay for mandatory company housing that left them with $40 to $140 a week for 40 hours of work.
“They were desperate and feeling isolated,” the organization’s communications director, Stephen Boykewich, said in an interview with The Times.
According to the complaint, conveniently made available to media, when the students complained about the violations of U.S. law, “they were threatened with deportation and other long term immigration consequences to remain quiet about the violations.”
HERSHEY’S RESPONSE: it’s the subcontractor’s fault! (LA Times)
Your daily #classwar.
The article goes on to explain how people use the various loopholes in our tax code to prevent themselves from giving up even a dollar, while the majority of us foot the bill for the services they enjoy.
Personally, I’ll never understand why donating to charity earns you a tax…
[A] New York janitor making slightly more than $33,000 a year pays an effective tax rate of nearly 25%. And the effective tax rate for a resident of the Park Avenue building named after Helmsley, earning an average of $1.2 million annually? A cool 14.7%.
Time to complain about how the paupers aren’t paying enough taxes.
In the days since the Arizona shooting, friends and acquaintances of Jared Loughner have painted a portrait of a social outcast who showed signs of a severe mental illness long before last weekend.
But the 22-year-old apparently slipped through the cracks in one of the worst states in the nation for mental health services.
It’s an issue that is especially important in Texas as the state braces for $134 million in proposed budget cuts for mental health services. Insufficient state funding could put many of the estimated 1.5 million people with severe mental health disorders in jeopardy.
"It’s an under-served population, and sadly, lately, we’ve seen all too tragically how improper treatment of those with chronic mental health problems can have a devastating effect on a community," said Texas Medical Association President Susan R. Bailey.
"I’m certain that any cuts will be carefully and strategically considered, kind of like a triage effect," [Rep. Vicki Truitt, R-Keller] said. "Sadly, bad things have happened, even in the best of economic times."
For years, insufficient funding had eroded Texas’ ability to care for the mentally ill. But in 2007, the Legislature funded crisis hotlines and expanded community-based programs that led to improvements in mental health care, Bailey said. The changes reduced psychiatric emergency-room visits, hospitalizations and prison incarcerations, she said. Those very improvements are now being targeted.
The Center for Public Policy Priorities estimates that reductions to hotlines and medication stabilization services would mean 21.6 percent fewer people would get care in their communities.
"We know we get the best results when we have community-based support for mental health services," said Patsy Thomas, president of the Mental Health Connection, formed in Fort Worth after a mentally ill man killed seven in a 1999 shooting rampage at Wedgwood Baptist Church. The group has been contacted by officials in Tucson to offer advice for that community.
Texas, which ranks 49th in the nation for the amount it spends per person for mental health, is already at bare bones, Bailey said.
“Any further cuts will have potentially catastrophic effects,” she said.
Look on the bright side, at least the wealthy won’t have to pay more taxes!
Under orders from Congress, the Fed on Wednesday released details of more than 21,000 transactions under the array of emergency lending programs and other arrangements it conjured up in response to the crisis.
The disclosures, which the Fed had resisted, offer the most detailed portrait of a panicky period in which the Fed lent money to banks, brokers, businesses and investors to keep the financial system functioning.
The documents show that some of the biggest names in American business were either coming to the Fed in need of a bailout, or trying to make money at a time when the Fed was trying to entice investors back into the markets. Among the latter were prominent investors and entrepreneurs like John A. Paulson and Michael S. Dell, and the pension funds of the Philadelphia Teamsters and Omaha’s teachers, who were betting they could profit if the rescue worked.
“At its peak at the end of 2008, the Fed had about $1.5 trillion in outstanding credit on its books. The central bank, in essence, pumped liquidity, the lifeblood of credit markets, into the circulatory system of an economy that was experiencing a potentially fatal heart attack.” - NYT
Sen. Bernie Sanders [I-VT] concluded: “After years of stonewalling by the Fed, the American people are finally learning the incredible and jaw-dropping details of the Fed’s multitrillion-dollar bailout of Wall Street and corporate America,” he said. “Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations.”