As I've pointed out repeatedly, the top 1% of America's families own more than the bottom 95%. The vaunted 15 year growth in the stock market of 1,336% has benefited the wealthiest families nearly in total and very, very little has "trickled down" to the rest of us, no matter what lies and half truths that the Rabid Right claims. Consider the fact that this supposed fair tax cut will return a family earning $38,200 a year only $157 a year or just forty three cents a day. For those in the very lowest tax bracket, the segment of America that needs and deserves the lion's share of federal assistance, they will see a lousy 1% reduction in their tax rates even though this bracket includes millions of women supporting children who have lost all of their welfare benefits and are now forced to live on part-time, no benefit minimum wage jobs. For those families earning the average income of the top 10% of $204,000 yearly that cut becomes a very respectable $7,520. Once again, the Republicans grant their owners huge benefits paid for by the poorest of America's poor.
While the one portion of the package, which eases the marriage penalty that forces two-earner families to pay a higher tax rate than single tax payers, is long overdue, the portions that are meant solely for the wealthy, the capital gains cut and massive decrease in the tax on stock profits as well as the complete elimination of estate taxes, are completely unnecessary.
In fact, this capital gains tax cut proposal will again lower this tax on the wealthy, even though the Rabid Right has already been able to cut it to a point where the wealthy pay far less on their stock gambling than the taxes on income that real Americans must pay on their hard earned wages. Naturally, since you and I seldom have an opportunity to avail ourselves of capital gains taxes, then any further cuts will, again, benefit only the wealthiest Americans, leaving the rest of us to pick up the slack of billions of dollars that will no longer be paid into the federal revenue stream.
Again, as I've repeatedly pointed out, the Rabid Right has little interest in actually benefiting real Americans in their obscene rush to remove the maximum amount of their owner's wealth from the federal coffers. Instead, their only wish is to assure that their owners are given every possible loving repayment and to shift the entire responsibility for the support of this nation to all of us who cannot afford to buy these parasite's attention and devotion. As a secondary benefit for these miscreants they are also able to keep the government too broke to ever again even consider the idea of helping this nation's elderly and children and single mothers, groups that the Rabid Right acknowledge as far too poor to ever gain their concern.
The reality, of course, is that the vast majority of America don't even have the same goals as the Rabid Right. According to polls conducted in 1979 and again just last week, the number of Americans polled (out of 1,028 adults) who agree with the statement, "The government ought to cut taxes even if it means putting off some important things that need to be done" fell from 62% down to only 21%. Those who disagree surged from only 12% to the majority of 59% today.
Naturally, Corporate America is spending millions of dollars to push uninformed Americans to tell their representatives to support this disaster. The U.S. Chamber of Commerce and Citizens for a Sound Economy and the National Federation of Independent Business and other Rabid Right organizations are pulling out all the stops to force this down America's throat. In fact, the U.S. Chamber of Commerce is devoting 100% of its attention and all 15 of its full time lobbyists to travel the nation attempting to create the impression that there is some imaginary "grass roots" movement supporting this newest gift to the rich, paid for out of the pockets of the real Americans. You can always rest assured, every time that business gets behind any legislation then you and the rest of America's real human beings will end up paying for Corporate America's greed.
Oh, by the by, Clinton has proposed his own tax cuts. His, as opposed to the Rabid Right's, are supposedly aimed directly at the lower- and middle-class taxpayers. The Rabid Right dismissed his offering as inadequate. Surprised? I didn't think so.
Finally, what is simply not even being discussed is the testimony before the House Banking Committee by Federal Reserve Chairman Alan Greenspan. He flatly stated that the timing is wrong with an economy that doesn't need the stimulation. In fact, he warned that this business cycle will eventually end and any inability at that time to offer additional tax cuts could keep the government from having the ability to activate additional sources of revenue from cuts at that time.
Instead, Greenspan stated that any additional tax revenues that the government receives over the next few years should go directly to paying down the $5.6 trillion national debt. This would free up an unbelievable pool of heretofore unavailable funds for business to expand and grow, contribute large sums of money that should be dedicated to the survival of Social Security and Medicare, and allow the government some level of flexibility in future budgets to fund popular programs and for emergency spending.
Greenspan issued a warning, though, that the surplus that is being touted is, in reality, nearly non-existent in that it is predicated on the assumption that the payroll taxes meant for Social Security and Medicare funds can be counted twice, once as payroll deductions revenue and also as payments into the fund as well as the fact that the figures rely on highly speculative predictions on a continued huge growth in the economy, interest rates unheard of for decades and no emergencies within our borders or in foreign affairs.
So, gentle readers, what we have is a Republican plan to offer immense tax cuts for those who need them the least, paid for by those who can least afford it and all on the assumption that the future will grant us with growth and costs unheard of before. In other words, the rich will get richer, no matter what. The poor will get poorer, but by how much can't be determined until much later. And all of this is founded on hallucinations suffered by politicians who never had much of a reputation for intelligence nor for their grasp of the reality that real human beings face every day of their lives. Not exactly a formula for success, wouldn't you say? ( 1-8 )
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