11/30 CALL TO TAX WEALTH NOT WORK – http://www.prosperityagenda.us/node/4598
Nov 29, 2010 — KZeese
National Congressional Call in Day #202-225-3121
By Kevin Zeese, Executive Director
The Obama Deficit Commission has come out with recommendations that will continue to weaken the middle and working class as well as the poor while enriching the economic elites. For the last decade the top 1% has profited from policies that favor them, their income and wealth have grown while the wealth of most Americans has shrunk and incomes have, at best, remained stagnate and for many declined. In fact, during the economic expansion from 2002-2007 the top 1% captured two-thirds of income growth. Now, the top 1% has 70% of the wealth of the nation.
We are joining with a coalition of groups on a congressional call in day focused on the Deficit Commission. The national call-in day is on Tuesday, November 30th. The goals are to challenge the Deficit Commission's draft recommendations on cutting Social Security and Medicare and urging them to find other areas where they can raise money and reduce the deficit. We urge you to circulate this email below to your friends and allies to urge them to join the National Call-In Day on Tuesday, November 30th.
Call 202-225-3121 to call your legislators. Urge them to reject the draft recommendations and reduce the deficit by taxing those who profited over the last decade and by cutting the largest discretionary program, the military. Further, they need to strengthen Social Security and Medicare. Click here to share this message and confirm your participation.
When I testified before the Deficit Commission I urged them to tax those who have profited over the last decade of economic policies that favored the wealthiest Americans. See Those Who Profited From Deficit Spending Should Be Focus of Fiscal Commission. For example, while we pay taxes when we purchase the necessities of life, those who buy stocks, bonds and derivatives pay no tax when they purchase these wealth instruments. A tiny tax on these purchases would raise as much as the income tax on all those earning under $100,000. This is one example of many of how government could tax wealth more and workers less.
As to Social Security and Medicare, these are our two most important and successful social programs. These programs do not add to the deficit. They are paid for by independent taxes on employees and employers. They should not even be considered by the deficit commission. As I said in my testimony:
Before considering cuts to Social Security and Medicare, the country's most important social programs that every American will rely on for their health and well being, this Commission should focus on where wealth is concentrated as well as cuts in discretionary spending. To do so means confronting the true sources of U.S. debt: two wars on borrowed money, uncontrolled military spending, hundreds of billions in corporate welfare, tax cuts for the wealthiest and corporations as well as deregulation of banks that led to the financial collapse that destroyed vast wealth and required massive bailouts.
The funneling of wealth to the top has been due to tax payer subsidies, tax breaks and corporate welfare to concentrated corporate interests and tax breaks for the wealthiest Americans. This is a major source of the national debt. From 2001-2008, tax cuts for the wealthy cost the U.S. Treasury $700 billion, all adding to the national debt. This Commission should be looking to those who have profited from government policies – policies that have been a major source of fiscal problems you are facing – as a source for bringing the federal budget under control.
The Commission, stacked with conservative deficit hawks, did as we expected, focused on the middle class more than on the economic elite. Please join us on this national call in day, November 30th and tell Congress to tax wealth, not the middle and working class.
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