Turnarounds can be a real bicce and maybe it’s time. According to a recent Washington Post article, the top 2% spent over $80 million dollars on the last election so they could get their $700 billion in tax breaks. Some might call that a good return.
They were allowed to do that because the Supreme Court, loaded by the two Bushes, said they could. The same Supreme Court that gave W the presidency even though the vote count, in the state of Florida was beginning to point the other way.
That 2% wants to suck you dry. They want to increase the age at which YOU retire to the big 70. Meanwhile, they can retire early with all your money. Sacrifice? The only thing they have to worry about is where and how they are going to spend their money.
So, tell me, what is it you worry about? Are you worried about “which of your houses you might celebrate Christmas in?” Perhaps you can’t decide whether or not to fly to Gstad for some New Year’s skiing. Actually, my favorite is Kitzbühel. Yes, life is tough for the rest of us. Those 2% Schmucks* think you should sacrifice more. But, if the NY times is correct, WE CAN FIX THIS without eliminating healthcare or Social Security. The discomfort to the “2%” is the equivalent of them foregoing a couple of lattes a week. See the results below. N Y Times, November 13, 2010, Week In Review… [Below is my solution]
Budget Puzzle: You Fix the Budget
Today, you’re in charge of the nation’s finances. Some of your options have more short-term savings and some have more long-term savings. When you have closed the budget gaps for both 2015 and 2030, you are done. Make your own plan, then share it online. Related Article » For an explanation of the items below, they are available here, along with the opportunity to balance the budget yourself.
DOMESTIC PROGRAMS AND FOREIGN AID
$15 Cut foreign aid in half
$15 Eliminate farm subsidies
$15 Cut 250,000 government contractors
$30 Other cuts from deficit panel, such as to national parks budget
$40 Reduce nuclear arsenal and space-based missile defense spending
$50 Reduce active military personnel by 200,000, to 1.3 million. Reduce presence in Europe & Asia
$25 Reduce Navy and Air Force fleets
$20 Cancel or delay some weapons programs, like F-35
$50 Reduce noncombat military compensation and overhead
$170 Speed up withdrawal of Iraq/Afghanistan troops to a total of 30,000 remaining by 2013
HEALTH CARE NO CUTS
SOCIAL SECURITY NO CUTS
$105 Exempt first $1 million; varying tax rate (policy under President Clinton)
$45 Raise capital-gains taxes on all households. Tax dividends as ordinary income. (Clinton policy)
INCOME AND EMPLOYER TAXES
$115 Allow expiration of Bush tax cuts on income above $250,000
$100 Apply Social Security payroll tax to some income above $106,800 (the current wage ceiling)
$95 5.4 percent surtax on income above $1 million
CLOSING TAX LOOPHOLES
$70 A gradually rising tax on carbon emissions (starting at $23 per ton of CO2)
$105 Tax on banks, weighted by size and riskiness of holdings
$280 5 percent national sales tax, exempting education, charity and housing
This is a whole lot better than picking up guns or pitchforks.