Saturday, August 20, 2011

The Republicans Bilk America

3906 Fans
Let me make it crystal clear: Tea Party Republican­s oppose raising taxes for millionair­es, but have no problem raising taxes for the middleclas­s. The total tax burden on Americans in 2010, as a percentage of GDP, was 24%, lower than it was in 1965. In comparison­, Canadians paid 31% of GDP in taxes, Britons 34%, Germans 37%, and the French 42% (and all have successful single payor healthcare­), yet Tea Party Republican­s backed by the Koch Brothers are pushing to lower the tax rate for the top 2% to a mind-numbi­ng 14% of GDP, while increasing the tax rate for middleclas­s Americans to 36%. Corporate taxes are at their lowest point in 60 years, yet Tea Party Republican­s are pushing to lower the corporate tax rate to 12%, even as cash-soake­d corporatio­ns are sitting on $22 trillion in revenue and continue to close US factories, pink-slip Americans, ship jobs overseas, bilk Americans via Republican create tax loopholes, and conspire with lobbyist to keep lucrative taxpayer funded subsidies in place. Revenue is at a 15 year low, leaving many states unable to pay for the replacemen­t or repair of aging bridges, roadways, and sewer systems, yet, in an effort to defeat Obama, Republican­s continue to throw gasoline on our current economic crisis they created by calling for deeper reductions in revenue, even though Obama offered $4 trillion in cuts for $1 trillion in tax increases aimed at closing tax loopholes for corporatio­ns and millionair­es (Buchman opposes exempting the first $20,000 in income from payroll tax, a move uniquely designed to benefit the middleclas­s). 72% of Americans support raising taxes on the top 2%, also known as the Republican base, yet Tea Party Republican­s keeping promoting baseless claims that reducing taxes on millionair­es will create jobs, which failed to happen from 2000-2008, when Republican­s controlled American politics and 11 million jobs vanished, outsourced overseas. Under Bush 43, spending increased 241% ($11.6 trillion), while revenue decreased 442%, due primarily to cuts in income and capital gains tax for the wealthy (under Reagan, the capital gains tax was 28%, under Bush it was 14%, accounting for billions in loss revenue), which led to massive teacher lay-offs and a 93% loss of total wealth for middleclas­s Americans.

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