Update 3/17/2011: More Tax Cuts for the Rich: Congressman Dave Camp (R-MI), chairman of the House Ways and Means Committee, wants to cut the tax rate for the richest of the rich to 25%. To pay for it he would like to see popular middle class tax deductions eliminated. This would add $2 trillion to the public debt over a decade, but well worth it in terms of campaign contributions. (Source)
Our choice is this. Find the money or lose our civilization. If we want safety, hire cops; if we want education, hire teachers; if we want roads, pay construction workers; if we want clean air, food, drugs and water, pay inspectors. If we want chaos, don’t. (Source)
The average member of the country’s largest public-sector union, the American Federation of State, County and Municipal Employees, “earns less than $45,000 a year and receives an annual pension of roughly $19,000.” (Source: NY Times)
- Wall Street banks caused the economic crisis that has left millions unemployed, foreclosed-on, and without prospects in the worst economy since the Great Depression.
- This crisis has, in turn, caused massive tax revenue shortfalls for the federal government and for state governments across the country: nearly $300 billion combined for 50 states in the years since the crisis began.
- To deal with these budget woes, politicians are cutting public spending: laying off teachers, attacking public sector workers, raiding pensions, closing hospitals, and eliminating essential services for children, veterans, and the elderly. Download full report here