Obama's Tax Cut Deal Absolutely Unacceptable
TAX FAIRNESS OREGON, 07.12.2010 04:40
Guaranteeing the continued downward slide towards third world banana republic status... Obama and all his "liberal supporters" are greasing the skids for continued long term poverty rates for a growing population. Did too many people drink the kool-aid?--scared to death in southern oregon...
READ THE WARNING from "TAX FAIRNESS OREGON" http://www.taxfairnessoregon.org
12/6/10 from Tax Fairness Oregon--As of today, the Obama administration and congressional Republicans are close to striking a deal on tax cuts http://www.huffingtonpost.com/2010/12/06/obama-tax-cut-compromise_n_792776.html Obama is conceding extension of the Bush-era tax cuts in their entirety for two years, in exchange for extending unemployment insurance for 13 months. In addition, the package would include a 2% reduction in payroll taxes on the employee side, tax breaks for families and students, allowing businesses to write off 100% of the cost of equipment purchases and setting the estate tax at 35% with a $5 million exemption.
The combined cost of unemployment insurance, the payroll tax decrease and the refundable credits is an estimated $215 billion, while the cost of extending the tax cuts for the wealthy alone is $95 billion.
THIS DEAL IS COMPLETELY UNACCEPTABLE. A recent report from the Congressional Budget Office--a non-partisan, public think-tank--ranked extending the tax cuts for the rich the least effective policy option for stimulating the economy and job growth. These tax cuts for the rich have been the single biggest contributor to the deficit over the last decade--even trumping spending on the Iraq and Afghanistan wars. The cuts for the rich have already cost us a whopping $700 billion since they were enacted in 2001, with little to no positive impact on our economy. Budget Office report HERE: http://cbo.gov/ftpdocs/118xx/doc11874/09-28-EconomicOutlook_Testimony.pdf
The estate tax plan is also a travesty. The exceptionally low tax rate and high exemption threshold proposed by Obama and the Republicans does not do nearly enough to address the unprecedented income disparity we are seeing now in America. Evidently in the White House, they have not been reading the most recent research on the effects of income inequality. Recent analysis demonstrates a causal relationship between income inequality and social problems like obesity, infant mortality, violence, crime, drug and alcohol addiction and mental illness http://ethicsdaily.com/the-spirit-level-why-greater-equality-makes-societies-stronger-cms-17094
Please call your Congressional Senators and Representatives toll-free at 1-800-830-5738.
Tell them your name and city of residence, and say:
1. The deal brokered by Obama and the Republicans is not acceptable. We don't need more tax cuts for millionaires.
2. The Bush-era tax cuts for the rich must end.
3. We need a strong estate tax. I'd like the Senator/Representative to push for higher estate tax rates for multi-millionaires and billionaires, and vote against unlimited deductions for farms.
HERE ARE FOUR ESTATE TAX OPTIONS THAT WOULD BE VASTLY SUPERIOR to what Obama and the Republicans are currently proposing:
Option 1. Reinstate the federal estate tax at 2009 levels. ($3.5 million exemption, 45% top rate)
Option 2. Let the 2001 law return, as it will on January 1, 2011, with no Congressional action. ($1 million exemption, 55% rate--revenue shared with states)
Option 3. Proposed Legislation: Sander’s S 3533, Sanchez HB 5764. ($3.5 exemption, 45% to 65% top rates--very progressive rate structure, getting as high as 65% on estates over a billion dollars)
Option 4. Proposed Legislation: Jim McDermott’s HR 2023. ($2 million exemption, 45% to 55% rate)
YOU CAN READ OUR FULL REPORT ON THESE ESTATE TAX OPTIONS HERE http://www.taxfairnessoregon.org/wp-content/uploads/2010/12/Federal-Estate-Tax-Options.pdf
|Download this article in pdf format >>|
|Add this article to your pdf newsletter selection >>|
|Checkout and Download your PDF-newsletter selection >>|
|Email this article to someone >>|
|Make a quick comment on this article >>|
This is an absolute disaster
07.12.2010 - 05:26
*S e n a t o r * B e r n i e * S a n d e r s * o n * Y O U - T U B E
Sen. Sanders says he will do whatever he can to block Bush tax cut extension http://www.youtube.com/watch?v=jLc6NumhzW4&feature=player_embedded