Okay, it's time to give the lie, once again, that President Chaney's tax cuts are anything but the huge gift to the wealthiest Americans that it has been exposed as. No tax cut ever offered by Republicans has ever been devised to help anyone but their wealthy masters and this insanity is no different.
Let's look at some very pertinent information from the Citizens For Tax Justice in their revealing study of this transfer of wealth from the poorest Americans to the wealthiest.
Consider some answers to questions that Chaney and his lapdog, Tumbleweed, refuse to address.
First, are the lowest income families going to gain much under these cuts when compared as a percentage reduction in federal taxes? No, the bottom 20% receive a cut of 5.5%, the middle-class will receive a 7.3% reduction in their taxes while the top 1% will enjoy a 13.6% reduction in their taxes.
How about as a percentage of the bottom 20%'s total income? Again, the poorest 20% of Americans will see a total of only 0.5% of their income being returned (yes, that is indeed one half of just one percent). The middle 20% will see their income raise by a whopping 1.5% but the top 1% will see their income increase by a full 5%.
Maybe the poor get the biggest percentage of the total cut? No, the poorest 20% get just 0.8% of the total cut (again, yes, that is eight tenths of one percent). The middle 20% will receive 8.4% of the total but the top 1% will happily soak up 42.6% of the total cut.
Okay, then. What might the actual dollar amount be for the various levels of income? Well, the lowest 20% of wage earners in America receive, on an income of $13,600 or less, a massive $42 cut (that's all of $0.62 - sixty two cents a day). For those in the middle 20%, $24,400 - $39,300 income, will see $453 returned or $1.24 every single day of their now well-funded life-styles. The top 1%, $319,000 or more, will enjoy a return of $46,072 or $126 every single day, more in tax cuts than 70% of all Americans earn in a year.
Will everyone get a tax cut as President Chaney states? Those low- to moderate-income families with children (31.5% of all families) will receive zero cuts since they pay no taxes now.
What group will receive the largest percentage of the cuts overall? Those making $900,000 or more a year will receive 43% of the available cuts for a monetary value of $688 billion.
Why are you hearing so little of the truth concerning these cuts? Isn't this something that a newspaper's staff and ownership would want to clarify for its readers? Of course, not, you silly goose! Consider Tribune Company's CEO John Madigan. On his 1999 salary of $2.56 million, he will find a little gift in these cuts that will amount to at least $155,000.
In an earlier article, we discussed a "Prosperity Dividend" that would give every American man, woman and child a check for $500. Well, to go even that idea one better, Rep. Bernie Sanders (I - Vermont) is suggesting an "American People's Dividend". Sander's wants to send every single American a check for $300 every year for the next ten years. One of the joys of this idea is that its entire cost is on $900 billion or $700 million less than President Chaney's scheme, a scheme that benefits those who need it the least.
Want to turn to your favorite magazine for more information on this idea? Well, don't try to find it in Newsweek. That rag doesn't even mention the idea in its article "Tax Cuts & You". ABC's This Week had Cokie Roberts (another "I'm not a liberal but I play one on TV") informing listeners that "Well, I think it's going to be an across-the-board rate cut, and there are no Democrats arguing against that anymore." Well, that may be just another mouthful of giraffe droppings coming out of this conservative's pie hole in as much as 55 members of the Progressive Caucus as well as the entire leadership of the AFL-CIO are becoming quite vocal about their opposition to the tax cut for the rich that Robert's mislabels as "across-the-board".
Don't expect Chaney's new Treasury Secretary Paul O'Neill to speak out for the American People's Dividend" While nearly 32% of the American taxpayers will receive zero, zip, zilch, nada from Chaney's scheme, O'Neill would have added $2.6 million to his $57 million salary from his employment as CEO of Alcoa last year. In fact, this little slimeball defends Chaney's scheme by telling the Washington Post "I don't think this society should still be operating with a robber-baron premise as the basis for how we discuss public policy. I think it is corrosive to have this argument about the rich and the poor." Spoken like a true champion of the rich, obviously!
Amazingly, and you won't hear much of this from the corporate media since the greed in the words just drip with hatred of the poor, this dirty little Republican explained that Democrats, "don't understand that what people who have substantial income do with their money is they reinvest it in the economy so we can create more jobs.". He offered a suggestion for what those who do not earn a "substantial income" can do with their thirty or forty dollars in tax cuts. Chaney's scheme will be "getting money in people's pockets quickly [and] will enable Americans struggling with consumer debt to pay their credit card bills and get ready for another consumer-led expansion."
(Just exactly what sort of animal is this freak, anyway?)
Now, I ask you honestly. If you or I received some huge tax cut, where would we spend it? Would we pay off old debt or would we make some purchases of durable goods or something else that will make your lives a bit better or slightly less harsh but that will actually create manufacturing jobs. What will the top 1% do with their tens of thousands of dollars? Probably use it to chase after the limited shares of stock on the market which will keep that product-empty form of investment continuing its purely paper rise in value.
Also, what no one seems to want to discuss is the fact that this entire tax cut is founded on some very slippery slopes such as the hope that the economy (meaning the stock market) will continue to grow with the same energy that it did over the last eight years even though there are nothing but signs that the economy is quickly falling apart. The cut is also founded on the hope that nothing bad is going to happen such as droughts or hurricanes and even wars while you and I know full well that, if Murphy can exert his presence, he most assuredly will. It is also based on the extreme hope that programs such as Social Security and Medicare aren't suddenly overwhelmed as the boomers age.
All in all, it is based on the fact that Chaney and his lapdog want to give away your future to the people who own them. They will lie without pause or without conscience in order to make those masters happy and even richer at the cost of you and your children and your children's children being held to pay off the still massive national debt that truly didn't benefit anyone but the wealthy who now want to avoid repaying that debt.
Tell your Senator that you want Chaney's scheme forgotten and Rep. Sanders' proposal enacted. It's the only fair plan out there.
Then the next time some drooling bumper sticker-minded Republican tries to tell you that Chaney gives a damn about someone other than his owners, use these numbers and proposals to try to clear the fog from his or her eyes. There is always the small chance that they may be able to focus their attention for longer than the ten seconds it takes to read their slogan dominated marching orders. ( 1 & 2 )
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