Monday, December 12, 2011

A Good Line - "Remember: It's Only Class Warfare When the Poor Fight Back"

(Credit for the title of this post goes to a commenter on this post. I'm reminded of Anatole France's famous quote: "The law, in its majestic equality, forbids the rich and the poor alike to sleep under bridges, to beg in the streets, and to steal bread.")

I was going to post about something different today, but I got distracted - it seems that I'm slowly turning into a real blogger, as strangers on the Internet are starting to insult me, misread and misunderstand my posts, and put words into my mouth. My previous post about wealth inequality and the Wal-Mart heirs got me called "covetous scum" on Facebook - I'm so proud; you can check it out via the link in this sentence or on the right side of the page.

Thanks to that little exchange, I thought I'd talk about Republicans' continued attempts to worsen the wealth inequality already plaguing the United States. Newt Gingrich, recipient of this blog's very prestigious first political endorsement ever, has joined the rest of the Republican field and come out with a fiscal (read: tax cut) plan of his own.

Bloomberg, which also notes that the plan would blow a $1.3 trillion hole in the budget, summarizes Gingrich's plan:
Gingrich’s plan would create an optional 15 percent flat tax with a per-person deduction of $12,000. He would drop the corporate tax rate to 12.5 percent from 35 percent, allow businesses to write off capital expenses and eliminate taxes on capital gains and estates, according to his website.
People earning more than $1 million a year would receive an average tax cut of $613,689 in 2015, compared with what they pay now. That change would boost their after-tax income by 28.7 percent and put their average tax rate at 11.9 percent.
Thinkprogress notes: "Under the plan, half of the entire benefit goes to the richest 1 percent of taxpayers. The richest 0.1 percent of the country will receive a tax cut worth nearly $2 million each and every year. These tax cuts are in addition to what the wealthy are already receiving from their disproportionate share of the Bush tax cuts."

The Atlantic compares the benefits accruing to people with varying income levels in the following (very long) chart:

For comparison, here is the chart comparing the tax cuts households would receive under Rick Perry's plan:

And, though I've blogged about it before, here's a reminder of the outcomes under Cain's (now dead, I assume) 9-9-9 plan:

So, do you notice anything similar about these very long graphs (other than that Newt's plan is likely the most regressive of them all)?

These plans all demonstrate, once again, that Republicans don't care about deficits or fiscal discipline - all they really care about is cutting taxes for the already fabulously wealthy. Well, at least they're being quite candid about what the U.S. will get if the Republicans increase their power in Washington - massive tax cuts to the already wealthy, even bigger deficits, an even shoddier safety net, and no money to spend on things like transportation, education, research, or anything else that the average American really cares about.

1 comment:

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