No More GOP Program Cuts to Benefit Billionaires and Multi-millionaires


Posted on 13 April 2011

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By John Burton
California Democratic Party

Republicans in Washington, D.C. continue to push for cuts to housing assistance for veterans, cuts to Medicare, cuts to Social Security, cuts to children’s health, and cuts to job training programs all so that they can keep giving tax breaks to oil companies and the richest Americans.

Despite Republican claims to the contrary, the rich are paying less in income tax than they have in decades. The richest Americans today enjoy an income tax rate of 35% maximum and most people pay less than 30%. In the 1960s the richest Americans paid up to 55% in income taxes.

The richest 1% of Americans now hold 40% of our nation’s wealth. Thirty years ago the top 1% held only 24% of the total wealth in the U.S.

Put another way: for the past thirty years we’ve lived through one of the largest transfers of wealth from middle-class Americans to the super rich.

Will Republicans only be happy when 60% of our collective worth is in the hands of the richest 1%? How about 85% of the nation’s wealth in the hands of the top 1%?

In California and across the nation, people are being asked to do with less and less as Republicans demand even greater cuts to critical services; all so that the billionaires can buy more mansions, yachts, and planes.

The time has come for Democrats to draw a line in the sand: no more program cuts at the expense of the middle class and the poor to benefit billionaires and multi-millionaires. It is time to have them pay their fair share. It is also time to end tax subsidies for oil companies, drug companies, and multi-national corporations.

Enough is enough.
 
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John Burton is the Chair of the California Democratic Party. He has
served as a State Assemblymember, US Congressmember and as President pro
Tem of the California State Senate.

The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 per­cent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare.

What part of socialism doesn't work don't you get? Those big bad rich people just don’t pay their fair share is a lie; the top 10 percent pay 68 percent of the taxes. What a left wing hack, the far left and the far right are destroying this country and you are one of them. Nobody, and I mean nobody, should have to give the government 55% of their income. Everybody should pay the same %, were the reward is great the effort is great, let’s stop penalizing people that are successful.

If you're among the wealthiest 1% I can at least understand your position, however morally indefensible it is. However, if you are not wealthy, your position indicates you just aren't paying attention to what's happening. What you advocate for would drastically accelerate growing income inequality.

That inequality, by the way, poses the greatest threat to democracy. Current tax policy -- which heavily favors the rich -- encourages the transfer of wealth from middle class and the poor to the very wealthiest among us. And no, it doesn't "trickle down." That's why the wealthy have seen their share of the nation's income dramatically increase over the last couple of decades. Did the transfer of wealth to the rich improve our economy? Lead to more jobs? A better way of life for the middle class? No, no and no.

If you still think the wealthy and corporations are paying their fair share, I have two letters for you: GE. The nation's biggest corporation made $14.2 billion in profit last year and paid zero in federal taxes. In fact, they got a refund.

If you're among the wealthiest 1% I can at least understand your position, however morally indefensible it is. However, if you are not wealthy, your position indicates you just aren't paying attention to what's happening. What you advocate for would drastically accelerate growing income inequality.

That inequality, by the way, poses the greatest threat to democracy. Current tax policy -- which heavily favors the rich -- encourages the transfer of wealth from middle class and the poor to the very wealthiest among us. And no, it doesn't "trickle down." That's why the wealthy have seen their share of the nation's income dramatically increase over the last couple of decades. Did the transfer of wealth to the rich improve our economy? Lead to more jobs? A better way of life for the middle class? No, no and no.

If you still think the wealthy and corporations are paying their fair share, I have two letters for you: GE. The nation's biggest corporation made $14.2 billion in profit last year and paid zero in federal taxes. In fact, they got a refund.

Burton doesn't give any evidence that the programs in danger of being cut really need all the tax money they now receive. A simple solution would be to cut all federal programs by 10%--except Defense--%50! until performance audits can be made.

Typical left wing mentality, let's spend other people's money or you are morally corrupt. It's not your money! If we had a tax code that was 15% for everybody, including corporations on all profits we wouldn't be in this mess. Everybody should pay the same.