So how do you pay for unemployment benefits in one easy step? The following is a guest post from Bud Meyers - graphics extraordinaire and founder of http://acompanyofone.org [In fact Bud Meyers is responsible for the great graphics in this article here]
December 12, 2010 - Last year at this time the GOP had bitterly complained (as I did) that the Democrats were ramming Obama's healthcare plan down our throats. But now it's the GOP who wants to ram tax cuts for the rich down our throats! Both are equally costly to the deficit and it's the working-class Americans who will have to pay for it all, one way or another.
The "bosses" had generous increases in their incomes over the past 30 years. But had their "workers" also received an equally proportionate raise, there would be no deficit today. In fact, it would be just the opposite - we would have either an unbelievable and massive surplus, or at the VERY least, we'd have a perfectly balanced budget.
And all the social programs (such as Social Security, Medicare, and UI benefits) would all be 100% paid for (and even with a growing population base and many more retirees). We'd also have an infrastructure that needed no repairs at all. Because all along those workers (with their higher incomes) would have been paying more in income taxes.
And maybe there wouldn't have been all the fuss about the cost of Obama-Care. But the "bosses" gave themselves massive raises while wages for the "workers" remained almost stagnant, and didn't even keep up with the cost-of-living index. The rich got richer, the poor got poorer - the people had less to spend, the economy went into decline, the country fell. History repeats itself. It's the same old story, but our government leaders have either never learned, or were complicit with this mass re-distribution of wealth to the richest people in this country.
And it's still happening today, right now, at this very moment.
On Fox and Friends this morning Alisyn Camerota emphasized that some working-class Americans will get a tax cut of up to $1,000 a year if we kept the tax rate as it is, and extended the "Bush Tax Cuts" for everyone. ($1,000 a year = $19.23 a week).
First of all, nobody is getting any tax cut - we'd get a tax increase if "the Bush tax cuts" are allowed to expire at the end of the year - everybody's taxes will just go back to the previous tax rate. And some working-class Americans might see a little less in their pay checks.
And EVERYBODY in the media is ignorantly reporting that unemployment benefits are being "extended", and averaging working Americans believe this - but it seems it's ONLY the jobless that knows this to be patently untrue...only the funding for the present UI program is being "extended".
The GOP is trying to scare all of us poor working-class people by threatening us with an income tax Armageddon and a total collapse of the economy if all the tax rates aren't kept as they are, thus "extending the Bush tax cuts" for everyone is necessary for the survival of the American people and of the nation.
The GOP is saying that if you only raise taxes on the wealthiest 2% (i.e. the investment bankers at Goldman Sachs and AIG, or the CEOs of Hewlett-Packard and Microsoft), no jobs will be created and America's "weak" economy will go into a double-dip recession. But they had these tax cuts for ten years, yet instead they laid off people and out-sourced jobs until we had 15 million unemployed Americans. Just who are these supposed "job creators"?
The GOP complains that extending the funding for current unemployment benefits for 13 months (for those who still qualify) will only add to the deficit, as if extending tax relief for the wealthiest 2% for 24 more months (and denying the U.S. Treasury this additional funding) doesn't affect the deficit at all!
The GOP lies and claims this will affect all small business owners, when an alternative proposal was only to tax personal income a mere 4% above $1,000,000 a year. The average small business owner's personal income averaged less that $250,000 a year as of 2007, and business taxes are separate - as are corporate earnings. Business expenses such as expansion and inventories are not directly related to personal income taxes (And instead of the big corporate CEOs getting a 20% raise next year, they might only get a 15% raise. Boo-hoo!)
The GOP wants to convince you that allowing capital gains taxes to remain at 15% instead of going to 20% for the wealthiest 2% is good for America, but it's mostly the big corporations and stock traders who benefit from this. The "bone" that they threw at working-class Americans was to allow them a one-time exemption when they sell their principal place of residence without paying any capital gains taxes. The blackmail they use is your 401k plans and pension funds that rely on the value of stock prices. Big real estate tycoons like Donald Trump and big bankers and CEOs get most of the breaks with deferments, stock options, and other accounting tricks that most average working Americans don't enjoy. (And instead of big corporate CEOs paying 15% in taxes on their stock options, they may have to pay 20%. Boo-hoo again!)
The GOP thinks that it's fair and patriotic to allow the average working-class worker to pay an additional $19.23 a week in incomes taxes if those that are earning over $19,230 a week are taxed an additional 4% over that amount. And also, that 2 million Americans who still qualify for federal unemployment benefits should be cut off if the wealthy don't get what they want (hence, the term "hostage"). And the GOP won't even consider feeding 5.5 million Americans who have already exhausted all their unemployment benefits. For the GOP, that's a non-starter.
Yes, funding unemployment benefits does raise the cost of the deficit, and as the GOP as been bitterly complaining about, this MUST be paid for. I agree. So by NOT extending the Bush tax cuts for the wealthiest 2%, the added income to the U.S. Treasury will ensure that not one dime will be added to the deficit for unemployment benefits - for those who lost their jobs through no fault of their own (BUT instead, for the fault of the wealthiest 2% in this country).
The current "compromise" isn't a compromise at all, it's another give-away to the wealthy - a continuation of the disparity of wealth between the haves and have-nots - a continuation of the massive re-distribution of wealth to the richest people in this country. Has anyone else but me noticed the Republican's giddy and upbeat demeanor since Obama had announced his proposal at his press conferences? It was as though they were in Las Vegas and had just hit a jackpot on a slot machine..."compromise" my ass!
How do we pay for unemployment benefits in one easy step? Easy!
All we'd have to do is just let the tax breaks for JUST the wealthiest 2% expire. Nothing is added to the deficit and no working-class Americans will have to pay any additional income taxes. Who knows, maybe even the 99ers might be able to get some relief and another chance at survival too....instead of ending up being either homeless or dead.
And another added benefit for the average working-class American: With the additional income from the wealthiest 2% (who haven't been creating jobs) Social Security and Medicare will also be saved, so the GOP won't need to raise your retirement age to 80 - essentially forcing you to work until the day you drop dead!
If the tax breaks for the rich are allowed to expire for those making over $1 million a year, then the next time you receive an unemployment check, you need not feel guilty or ashamed. You can look your friends, your family, and the GOP right in their eyes and tell them:
December 12, 2010 - Last year at this time the GOP had bitterly complained (as I did) that the Democrats were ramming Obama's healthcare plan down our throats. But now it's the GOP who wants to ram tax cuts for the rich down our throats! Both are equally costly to the deficit and it's the working-class Americans who will have to pay for it all, one way or another.
The "bosses" had generous increases in their incomes over the past 30 years. But had their "workers" also received an equally proportionate raise, there would be no deficit today. In fact, it would be just the opposite - we would have either an unbelievable and massive surplus, or at the VERY least, we'd have a perfectly balanced budget.
And all the social programs (such as Social Security, Medicare, and UI benefits) would all be 100% paid for (and even with a growing population base and many more retirees). We'd also have an infrastructure that needed no repairs at all. Because all along those workers (with their higher incomes) would have been paying more in income taxes.
And maybe there wouldn't have been all the fuss about the cost of Obama-Care. But the "bosses" gave themselves massive raises while wages for the "workers" remained almost stagnant, and didn't even keep up with the cost-of-living index. The rich got richer, the poor got poorer - the people had less to spend, the economy went into decline, the country fell. History repeats itself. It's the same old story, but our government leaders have either never learned, or were complicit with this mass re-distribution of wealth to the richest people in this country.
And it's still happening today, right now, at this very moment.
On Fox and Friends this morning Alisyn Camerota emphasized that some working-class Americans will get a tax cut of up to $1,000 a year if we kept the tax rate as it is, and extended the "Bush Tax Cuts" for everyone. ($1,000 a year = $19.23 a week).
First of all, nobody is getting any tax cut - we'd get a tax increase if "the Bush tax cuts" are allowed to expire at the end of the year - everybody's taxes will just go back to the previous tax rate. And some working-class Americans might see a little less in their pay checks.
And EVERYBODY in the media is ignorantly reporting that unemployment benefits are being "extended", and averaging working Americans believe this - but it seems it's ONLY the jobless that knows this to be patently untrue...only the funding for the present UI program is being "extended".
The GOP is trying to scare all of us poor working-class people by threatening us with an income tax Armageddon and a total collapse of the economy if all the tax rates aren't kept as they are, thus "extending the Bush tax cuts" for everyone is necessary for the survival of the American people and of the nation.
The GOP is saying that if you only raise taxes on the wealthiest 2% (i.e. the investment bankers at Goldman Sachs and AIG, or the CEOs of Hewlett-Packard and Microsoft), no jobs will be created and America's "weak" economy will go into a double-dip recession. But they had these tax cuts for ten years, yet instead they laid off people and out-sourced jobs until we had 15 million unemployed Americans. Just who are these supposed "job creators"?
The GOP complains that extending the funding for current unemployment benefits for 13 months (for those who still qualify) will only add to the deficit, as if extending tax relief for the wealthiest 2% for 24 more months (and denying the U.S. Treasury this additional funding) doesn't affect the deficit at all!
The GOP lies and claims this will affect all small business owners, when an alternative proposal was only to tax personal income a mere 4% above $1,000,000 a year. The average small business owner's personal income averaged less that $250,000 a year as of 2007, and business taxes are separate - as are corporate earnings. Business expenses such as expansion and inventories are not directly related to personal income taxes (And instead of the big corporate CEOs getting a 20% raise next year, they might only get a 15% raise. Boo-hoo!)
The GOP wants to convince you that allowing capital gains taxes to remain at 15% instead of going to 20% for the wealthiest 2% is good for America, but it's mostly the big corporations and stock traders who benefit from this. The "bone" that they threw at working-class Americans was to allow them a one-time exemption when they sell their principal place of residence without paying any capital gains taxes. The blackmail they use is your 401k plans and pension funds that rely on the value of stock prices. Big real estate tycoons like Donald Trump and big bankers and CEOs get most of the breaks with deferments, stock options, and other accounting tricks that most average working Americans don't enjoy. (And instead of big corporate CEOs paying 15% in taxes on their stock options, they may have to pay 20%. Boo-hoo again!)
The GOP thinks that it's fair and patriotic to allow the average working-class worker to pay an additional $19.23 a week in incomes taxes if those that are earning over $19,230 a week are taxed an additional 4% over that amount. And also, that 2 million Americans who still qualify for federal unemployment benefits should be cut off if the wealthy don't get what they want (hence, the term "hostage"). And the GOP won't even consider feeding 5.5 million Americans who have already exhausted all their unemployment benefits. For the GOP, that's a non-starter.
Yes, funding unemployment benefits does raise the cost of the deficit, and as the GOP as been bitterly complaining about, this MUST be paid for. I agree. So by NOT extending the Bush tax cuts for the wealthiest 2%, the added income to the U.S. Treasury will ensure that not one dime will be added to the deficit for unemployment benefits - for those who lost their jobs through no fault of their own (BUT instead, for the fault of the wealthiest 2% in this country).
The current "compromise" isn't a compromise at all, it's another give-away to the wealthy - a continuation of the disparity of wealth between the haves and have-nots - a continuation of the massive re-distribution of wealth to the richest people in this country. Has anyone else but me noticed the Republican's giddy and upbeat demeanor since Obama had announced his proposal at his press conferences? It was as though they were in Las Vegas and had just hit a jackpot on a slot machine..."compromise" my ass!
How do we pay for unemployment benefits in one easy step? Easy!
All we'd have to do is just let the tax breaks for JUST the wealthiest 2% expire. Nothing is added to the deficit and no working-class Americans will have to pay any additional income taxes. Who knows, maybe even the 99ers might be able to get some relief and another chance at survival too....instead of ending up being either homeless or dead.
And another added benefit for the average working-class American: With the additional income from the wealthiest 2% (who haven't been creating jobs) Social Security and Medicare will also be saved, so the GOP won't need to raise your retirement age to 80 - essentially forcing you to work until the day you drop dead!
If the tax breaks for the rich are allowed to expire for those making over $1 million a year, then the next time you receive an unemployment check, you need not feel guilty or ashamed. You can look your friends, your family, and the GOP right in their eyes and tell them:
I leave you with the following food for thought - also from Bud Meyers:
The Make-Believe "Obama Compromise" The GOP only offered 13 months of continued funding for UI benefits (for those who still qualify) in exchange for 24 months of tax cuts for the very rich. (As an aside: Why not 13 months for them and for 13 months for us - - - to be equal and fair?)
The Dilemma Nothing was ever mentioned about the 5.5 million 99ers and "exhaustees". (Even though eventually everyone will have been incrementally swept under the carpet and soon forgotten.
The Cost $30 billion IS ADDED to the deficit to fund UI benefits (for varying lengths of time for 2 million people) over the next 13 months + another 150 billion in tax breaks that's NOT ADDED to the treasury to help pay down the deficit for the next two years = $180 billion more in debt.
The Solution If we just stopped extending tax cuts for the rich for only 2 years we would have the difference of $150 billion for UI benefits for the next 13 months AND enough to help the 99er and "exhaustees" (until the rich create jobs)
And doing all this WITHOUT ADDING ONE PENNY to the deficit!
So, why aren't we doing this?
****GREAT Question Bud and VERY WELL SAID as usual.......
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