Showing posts with label 5% Millionaires Tax. Show all posts
Showing posts with label 5% Millionaires Tax. Show all posts

Friday, October 14, 2011

American public wants President Obama’s tax on wealthy

It was the expected outcome and the Senate blocked Obama’s jobs bill with all Republicans voting against it primarily due to the 5 percent tax on the rich that was included.  But just a day after the vote, an NBC/Wall Street Journal poll says Americans want our government to tax millionaires to get the job market moving.  What makes this so appalling is the fact that the GOP has put their stupid ideology of no taxes over the wishes of their constituents. 


When asked the simple question should Congress pass the legislation, 30 percent said yes, 22 percent no.  But when given the details of how the bill would help the jobless by cutting payroll taxes, funding new road construction, and extending unemployment benefits, 63 percent favor the bill, only 32 percent oppose it.  At the same time they were told it would financed by a tax on the wealthy.
 
Additionally, 64 percent think the rich cats and corporation should definitely pay their fair share.  On the other side of the issue, 31 percent think taxing the rich and corporations is bad, saying it will take away money that would be invested to grow the economy.  It is interesting that 20 percent of those polled were by cell phone, thus, probably a younger group.  Regardless of the mix, the public has made its statement, and many will remember come 2012.

The numbers these political hacks—including 2 Democrats that did not support the President’s Jobs Bill—will have to face are 6 million Americans whose unemployment benefits will run out in 2012, some as early as January.  Although the Millionaire Tax may be another step toward Social Democracy (like Social Security and Medicare), drastic measures are needed in the current economy, and it is time that the U.S. begin the level the playing field between the wealthy and the working class.



The unemployed have been out of work now an average of 40.5 weeks, a record as of this past September.  And there are economists that claim extending the jobless benefits would stimulate the economy since the money is usually spent right away.  In the first instance, those with benefits ending in January 2012 will be out of luck if the deadline to file isn’t extended.  This also applies to those currently receiving federal benefits.

Republicans say they will pick and choose parts of the bill to pass on their terms, but it is time for President Obama to stand firm and demand the 5 percent tax on the rich with the assurance the American people are behind him.  In my opinion, his rapid drop in some polls is due to the fact that he hasn’t dealt with the GOP in a forceful way, and it could have a major effect on his reelection in 2012.  Right now it isn’t about politics, it’s about putting people back to work.

Wednesday, October 12, 2011

Millionaire tax another step toward a Social Democracy?

President Barack Obama has been called a socialist—which he isn’t—but he can be commended for introducing the 5 percent Millionaire Tax to help the jobless.  Although many corporate sharks make the claim that it is starvation or greed that makes people work, others believe they do it for enjoyment if it is meaningful, and to live a comfortable lifestyle. 

Security and contentment.  Robin Hood reinvented.  Sharing of the wealth so that we eliminate poverty in the richest nation in the world.  Social Democracy.

The GOP continues to oppose any new taxes, especially those on the wealthy who are, of course, their biggest contributors.  Big business boosters like representatives Paul Ryan and John Boehner and Sen. Mitch McConnell have all dismissed Obama’s attempt to get the job market going again when polls show that even Republican voters support higher taxes on the wealthy.  Maybe these constituents haven’t made it clear enough to their representatives, but, even then, the no-tax ideology is so engrained in the GOP it may never go away.
 
The President wants to spend $447billion adding new jobs to the economy, while extending and expanding a payroll tax cut.  There is infrastructure spending that is sure to create jobs, and the money will also provide aid to states suffering economically.  The Senate surcharge would affect all income of $1 million, and it applies to both capital gains and salaries. 

Sen. Harry Reid says the tax will generate $450 billion.  Sen. Charles Schumer said, "Republicans will be hard-pressed to explain why they'd allow teachers and firefighters to be laid off rather than have millionaires and billionaires pay their fair share."  Democrats in general dared Republicans to block the plan.  With the tax threshold at $1 million, it would probably prevent levying a tax increase on small businesses.



This same concept would apply to corporations in a Social Democracy by bringing them under greater democratic control by using regulations and tax incentives to encourage companies to act in the public interest.  This would include discouraging them to export jobs out of the country and polluting the environment.  Corporations must be held accountable, and unions can be a major factor in this effort.

Social Democracy isn’t a dirty word and it is not un-American.  We made it where we are through the struggles of the working class that established a minimum wage, unemployment benefits, all the way to Social Security and Medicare/Medicaid.  While there are no pure models of Social Democracy, countries like Sweden, Canada, France and the United Kingdom have adopted programs that are clearly of that philosophy.

But the task at hand is to pass President Obama’s 5 percent Millionaires Tax to get jobs moving in the U.S.  I would hate to be a Republican voting against this bill, and then returning to his or her district to face a constituency out of work, knowing full well their representative has put the personal interests of the rich ahead of them finding a job.

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