Are You:

Are you tired of ..........

· Feeling like no one is fighting for working people?

· Ceos taking all our money?

· Corporations shipping our jobs out of the country?

· Companies escaping THEIR tax burden?

· Having no health care?

· Health care costs killing you?

· Making an economic decision to not utilize your Health Care?

· Having no retirement?

· Big business getting so big it seems to control everything?

· Gas prices with record profits for oil companies?

· Your hard work being exploited by a company?

· The banks exploiting the average hard working American?

· Being afraid to ask for a raise?

· The cost of living rising faster than your wages?

· Being laid off?

· Being over qualified for your job because you can't find a better paying one?

· Living pay check to pay check?

· Working in fear?



Tuesday, July 26, 2011

If Corporations And The Rich Paid Taxes At The Same Level As The 1960s, The Debt Would Disappear

As congressional negotiators continue to debate the contents of a deficit reduction package, discussions are reportedly tiltingtoward a deal that will include spending cuts but no revenue increases.
Over at the Campaign for America’s Future, the Institute for Policy Studies’ (IPS) Sam Pizzigati notes that one way to very easily tackle U.S. debt going forward would be to increase taxes on corporations and the wealthy to levels more closely matching mid-20th century rates. Pizzigati cites an IPS paperfrom last spring to make the argument that if corporations and households making more than $1 million paid the same rates as they did in 1961, our debt would virtually disappear in a decade:
Some numbers — from an Institute for Policy Studies report released this past spring — can help us better visualize just how monumental this political failure has been. If corporations and households taking in $1 million or more in income each year were now paying taxes at the same annual rates as they did back in 1961, the IPS researchers found, the federal treasury would be collecting an additional $716 billion a year. In other words, if the federal government started taxing the wealthy and their corporations at the same rates in effect a half-century ago, the federal debt to investors would almost totally vanish over the next decade.

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