Points of Discussion:
Let the Bush tax cuts expire
Instead of creating jobs, the Bush tax cuts equated to a handout for the financial elite and in turn exploded the National debt. Apparently 10 years of disastrous fiscal policy wasn’t quite enough because the Obama administration, under Tea Party pressure, extended the cuts for yet another year.
Close corporate tax loopholes
In 2010 General Electric had one of the most profitable years for any corporation, EVER. With profits in excess of $14.2 Billion, GE’s tax liability was a whopping…ZERO! It’s mind blowing and beyond justification but if you think GE is the exception, think again. Wal-Mart, Exxon-Mobile, Chevron and Bank of America, are all in the same club. In fact, 2 out of every 3 US corporations avoid paying income tax. Consider that next time you hear that everyone should shoulder the blame for the budget deficit.
Raise taxes on incomes over $250k
President Obama campaigned on it. Americans overwhelmingly approve of it and it is the fiscally responsible thing to do. Yet despite all of this, working-class Americans are shouldered with a disproportionate tax burden. Since the mid-70’s, the richest 20% of families have seen their wealth grow while the other 80% has seen an overall decline in wealth.
Lower the payroll tax
Significantly. The payroll tax, even more so than the minimum wage, determines the price of labor. From a strictly job creation perspective, a lower payroll tax equals lower employment cost and encourages companies to hire. Not only does it encourage hiring, but the average working-class American is taking home more money at the end of the day. Win-win.
