Americans spoke clearly on November 2nd: Congress must get serious about reducing the deficit and become better stewards of their tax dollars. But after endless talk over the last two years about fiscal responsibility, an exploding deficit, and our crushing debt to China, the House voted on a bill that will balloon the deficit by another $858 billion dollars.
Even though this package included several programs I proudly support -- an extension of unemployment insurance, and increases in the Earned Income Tax Credit, the Child Tax Credit, and renewable energy tax credits -- I could not justify mortgaging our children's futures to provide a Christmas bonanza to the privileged few.
I refuse to support increasing the deficit by at least $81 billion to provide a tax break to the wealthiest persons in this country. I refuse to support a bill that would grow the deficit by $23 billion to provide an average tax break of more than $1.5 million to only 6,600 families a year. And I unequivocally refuse to threaten the long-term viability of social security with a back-door first step at dismantling of the entire social security system.
Last week, many of my colleagues and I voted to give every American a tax cut by making the middle-class tax cuts permanent for the millions of families, consumers and small business owners who drive our economy. But last night's revised tax deal -- with a deficit-busting, gift-wrapped bailout for millionaires and billionaires -- was unconscionable.
Two years ago, I founded the Populist Caucus as a way to advocate for fiscally responsible policies that will help middle-class Iowans and working families across the country. And last night, I voted against this bad deal because we cannot keep kicking the can down the road when it comes to difficult decisions about the deficit, especially with a package that threatens the financial stability of our Nation.
Merry Christmas, billionaires. Check under the tree -- you got your holiday wish.
Watch my remarks on the floor last night:
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The global billionaires bear allegiance to no country, they exploit the world for their pleasure and profit.
As a great man once said:
"Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains."
- Thomas Jefferson
Congress spends money on activities proven to be weak job creators, for the most part, and the President calls it a stimulus bill.
This isn't the kind of thing that you can make up for before the next election, you must correct this oversight right away before more harm is done.
As for the Billionaires.....most of those benefitting are not Billionaires, its a very small group. Of the twenty wealthiest people in the world 75% of them are not even Americans. What should outrage us is that all of our wealthiest made their money by exporting or causing the exportation of Millions of jobs...whihc in a large part was due to American consumers opting to throw their neighbors under the industrial bus by demanding cheap foreign goods which can only be done BY exporting the very jobs everyone is now focussed on creating.
This kind of dialogue only take the public off the topic which is JOBS....and raising taxes has never created jobs....
a tax rate make?. Zero percent or 100 percent of zero is zero. Let's look at
the tax loopholes.
ChuckV
$20 a pay. Gives new meaning to injustice.............
f&f!
History has proven that the wealthy don't spend their extra dollars in ways that stimulate our economy. They might buy a piece of artwork from Italy or take a world cruise or buy a new Mercedes. But probably none of the above because $1.5 Million is nothing to them, not even a blip on their radar. Most of them have accountants who handle their finances so they don't even pay attention to such a minor detail.
But let's not give the unemployed more that 26 weeks in benefits that average $280/week.
f&f!
The best solution would to not only continue all of the Bush tax cuts, but to decrease taxes even more for all income levels and businesses especially. History has proven when the tax burden is lower, jobs are created, the economy is stimulated and more revenue is taken in by the government, not less. During the Coolidge administration, spending by the government was cut almost in half, taxes were lowered and we ended up with economic recovery and prosperity of The Roaring 20's.
Secondly, the Bush taxcuts have been in force for 7years and have not lead to anything good. The median wage stagnated during the Bush Admin. -- the first time in history to ever happen. THAT was because the taxcuts were ill-advised and harmful to this country.
Then comes Obama and he lowers taxes even more as part of the stimulus bill last year, especially business taxes. Has it helped?
Taxes are at their lowest point in forever and if your grocery bills are going up, it's not because taxes are too high.
Between 1995 and 2009 US tax payers paid farmers $247 billion in direct payments,counter cyclical payments and loan defiency payments.
You do not have to be a farmer to receive money nor grow any crops. Rule is the land you own must have been agricultural at some point.
Let's just say, one ant is not going to move the mountain...
How many of you have already thrown in the towel?
The hell with it! It should be no wonder that so many people decided to collect UI and not seek a job. The work people want to do and are well qualified for is simply not available. What IS available is work that...well...is akin to slavery! There is no beating by the employer, but a swift kick to human dignity is obvious!
Soooo, what do they (the politicians) do?
Answer: This "great" tax cut extension deal/bill.
Voodoo economics 2010.