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Mitt Romney and the 1%

9:54 am in Uncategorized by Gerald McEntee

Mitt Romney has released some information on his income taxes over the past two years. Turns out he’s paid less than 14 percent on more than $40 million in income. He makes more in one day than most American makes all year, yet he pays a tax rate that is far less than what the vast majority of Americans pay. Keep in mind that Romney’s income rolled in while he did nothing but clip coupons and hit the campaign trail. It suggests that our once progressive income tax has been turned into a farce, where the very rich get away with paying less than bus drivers, construction crews and health care workers. That’s not right, and it’s why the tax laws need to be changed and changed soon.

It’s now obvious why Romney tried so hard for so long to hide his financial holdings. He’s stashed some of his money in tax havens like Luxemburg and the Cayman Islands. He’s even had a Swiss bank account. He says he’s paid taxes on all his foreign holdings, but The Los Angeles Times reports that Romney failed to disclose at least 23 funds and partnerships on his most recent financial disclosure forms, including 11 based in low-tax foreign countries. While he may not have broken any laws by funneling cash into off-shore accounts and companies, Romney has clearly broken faith with the American people. He amassed his wealth by hollowing-out companies, laying off employees, ruining communities and practicing what is kindly called “vulture capitalism.” He left thousands of families in hardship while he accrued hundreds of millions in wealth. He should be ashamed, but if we’ve learned anything over the past year, Mitt Romney has no shame.

Romney, after all, doesn’t hide that he wants a tax code that rewards the 1 percent and makes the rest of us pay far more than our fair share. He’s running for president with a plan to change the tax code to make rich Americans even richer. The Economist magazine describes his plan as “very progressive, by 15th century standards.” Romney’s “help the rich get richer” plan would reduce the taxes of the top 1 percent by more than $170,000, while adding $600 billion to the deficit. He gets defensive when his plan is attacked, just as he gets hot under the collar when people bring up his past career as a corporate raider. He claims that any criticism of his repugnant business practices is an attack on free enterprise. It is not. It’s an attack on ruthless behavior. He claims that his critics are engaging in “class warfare.” It is not that either. If anything, he’s demonstrated the truth in Warren Buffett’s statement about class warfare: “It’s my class, the rich class, that’s making war, and we’re winning.”

Unfortunately, Romney’s not the only candidate out there who is interested in making life easier for the well-to-do. Shockingly, Newt Gingrich’s tax proposals are even worse that Romney’s. He wants to eliminate completely the taxes on capital gains. His radical tax scheme would guarantee that most members of the 1 percent, including Romney, would pay little or no taxes at all. The middle class would be left to pay the country’s bills, including the cost of additional tax breaks for corporations and the wealthy.

Perhaps that’s why the GOP candidates spend their time distorting Pres. Obama’s record, rather than outlining their own hare-brained plans for our country. Rick Santorum goes even farther. He says talking about the middle class is misguided because, get this, it buys into “the class warfare arguments of Barack Obama.” Santorum scolded Romney for using the term in a recent debate: “The governor used a term earlier that I shrink from. And it’s one that I don’t think we should be using as Republicans: Middle class.” And why shouldn’t Republicans talk about the middle class? “There are no classes in America,” Santorum continued. Only a millionaire could believe this.

We shouldn’t be surprised that Romney, Gingrich and Santorum all support the unhinged agenda of their political allies who now control the U.S. House of Representatives. They’ve promised to support radical schemes like the Ryan Budget, which abandons programs that have helped to build and sustain the middle class, including Medicare, Social Security, education assistance, health research and job training programs. They ignore the damage done to the middle class as CEO pay skyrocketed 300% since 1990 and corporate profits doubled. These are the candidates of the 1%, for the 1% and by the 1%. If they have their way, Mitt Romney and the wealthiest people in America won’t have to release their tax returns. They won’t even have to file.

Why Unemployment Makes the Tea Party Happy

8:21 am in Uncategorized by Gerald McEntee

DONT TREAD ON ME

DONT TREAD ON ME by DonkeyHotey

The tea party Republicans have drawn a line in the sand. The debt ceiling was raised five times during the administration of President George W. Bush. Yet, it is only now, with tea party Republicans holding the balance of power in the U.S. House of Representatives, that America is placed in the position of defaulting on our commitments, for the first time since the founding of our country.

Their irresponsible position is that corporations and billionaires should not have to share the sacrifices needed to keep our economy on track for recovery. That is why they vehemently oppose efforts to cut corporate welfare and to eliminate subsidies for the oil companies. Unlike most Americans, who believe we should pull together to find real solutions, these politicians are intent on dividing Americans by destroying programs that have broad public support. At the same time, they have done all in their power to create instability in the economy and put more Americans out of work.

With more than 14 million Americans out of the job market, it is appalling for these politicians to play games with our nation’s economy. Creating jobs and keeping Americans working have to be top priorities. But for the tea party Republicans controlling the House of Representatives, those are far from the top of their “to-do” list. Instead, they have repeatedly passed bills that would put more Americans out of work. A harsh conclusion, perhaps, but just look at the facts:

Since the tea party took over the U.S. House of Representatives in January 2011, they have pushed legislation which, if enacted, would have added more than 6.5 million additional workers to the unemployment rolls:

• The Economic Policy Institute estimates that nearly 1 million jobs would have been lost if their 2011 appropriations bill had been enacted.
• Their bill to repeal the Affordable Care Act would have cut as many as 400,000 jobs annually, according to the Center for American Progress.
• And the Ryan Budget they passed, which destroys Medicare and Medicaid, student loan programs and health care research, would put as many as 3 million more workers out of their jobs during the next five years.

Thankfully, President Obama and cooler heads in the Senate have kept these job-killing bills from becoming law. But they all passed the tea party-controlled U.S. House of Representatives.

Tea party politicians have been ramming through similar misguided bills at the state and local level. Scott Walker in Wisconsin, John Kasich in Ohio, Chris Christie in New Jersey and Rick Scott in Florida are just a few of the elected officials who have pushed policies to put people out of work. All of them turned down federal funding for transportation projects that could have produced hundreds of thousands of jobs. And they have ruthlessly cut budgets rather than ask billionaires in their states to pay their fair share of taxes. Their actions are hurting job creation, even in the private sector. As economist Adam Hirsch noted on the website Think Progress last month: “States that cut spending are seeing significantly more job losses in the private sector than states maintaining or increasing spending levels.”

In the last Congress, tea party Republicans consistently voted to increase unemployment. In August of 2010, for example, every tea party-backed politician in Congress voted against legislation to provide assistance to the states to pay for teachers, firefighters and vital public services. If they had their way, 300,000 additional jobs would have been lost, adding to the more than 500,000 state and local jobs that have been lost in recent years. The next time a tea party politician tells you that jobs are what they care about, remind them that if it had been up to them, every auto worker at General Motors would be out of work today. And what about the jobs saved or created by the American Recovery and Reinvestment Act? They opposed the bill kicking and screaming, yet every thinking economist in the country agrees that it saved or created anywhere from to 2 to 4 million jobs.

While they consistently pay lip service to “reducing the debt,” that is not their real goal. Their tax cuts for corporate CEOs and hedge fund managers actually increase our debt. As FactCheck.org, under Ryan’s plan “the public debt would increase from $10 trillion in 2011 to $16 trillion in 2021,” even while decimating essential programs for Main Street Americans. That’s because Ryan adds to his Draconian cuts with even larger tax giveaways to his friends on Wall Street. (Ryan wasn’t drinking tea with his Wall Street pals last week. He and two companions spent $700 on two bottles of wine at a Capitol Hill restaurant.)

One is tempted to conclude that the tea party Republicans see political benefit from increasing unemployment while President Obama is at the helm. Michelle Bachmann, in an unguarded moment last week, admitted as much. Whatever their motivation, their policy choices do not reflect the Main Street values shared by most Americans.

It is clear, however, that many of them are willing to tip the country into a double-dip recession and put the world economy into a tailspin. They are, as Warren Buffett said last week, “playing Russian roulette.” And if that leads to more unemployment, apparently the tea party Republicans really don’t care.