May 15

The Downfall of the Republican Party

There is a deadly virus in our country called “the thinking of the New Republican Party.” I find that the dysfunctional conservative ideology, of this New Republican Party, could very well lead us back into a depression. Have we had some great Republican presidents in the past? The answer, of course, is yes.
Abraham Lincoln freed all the slaves in 1865. Hew on the Civil War that held the Union together. He gave us the Homestead Act of 1862, which provided 160 acres of land for farmers. He also started the bureau of Internal Revenue.
Theodore Roosevelt was responsible for the construction of the Panama Canal at a cost of 130 million dollars. He established 150 natural forests and parks, which we still enjoy today. During the panic of the 1907 stock market crash he pumped 35 million dollars in federal funds into the economy. He proposed inheritance taxes on large fortunes. He supported Unions and was against corruption and price-fixing. He also started the Bureau of Agriculture.
Dwight D. Eisenhower was a war hero and a builder of super highways. The Federal Aid Highway Act of 1956 helped build 716, 000 miles of our present highway systems. He ruled segregation in our schools unconstitutional, he supported Labor Unions and in 1959 he approved the first oral birth control pill.
Unfortunately, the American dream has been under attack going back to the Ronald Reagan administration and accelerating under George W. Bush. In 1981, Ronald Reagan gave the American people deep cuts in entitlement programs; he gave a 30 percent tax cut for the rich and increased defense spending. In 1981 he dismissed 11,000 air traffic controllers. He submitted his 1984 budget, which included a $189 billion deficit.
Under George W. Bush the New Republican Party line of just say “NO” had its beginning. It continues today with the help of Mitch McConnell and John Boehner. Bush gave outrageous tax cuts to the richest Americans, he deregulated just about everything that would protect consumers and waged a very expensive and unnecessary war with Iraq under the false premise of weapons of mass destruction.
During his administration the housing market was destroyed for millions of middle class citizens by allowing Wall Street investment bankers to defraud and steal billions of dollars. Bush and the new Republican Party are therefore responsible for the second worse depression in American history. It was only the forward thinking of President Barrack Osama that saved us by turning the depression into a recession with his stimulus package.
Today’s Republican Party has been hijacked by an incoherent mix of anti-government libertarians, anti-immigration activists, anti-tax fanatics and social conservatives. They are all clamoring for an ideological purism that is divorced from reality. The Republican presidential candidates are distorting themselves into a party with no realistic solutions to the nation’s pressing challenges.
We cannot solve our debt crisis without raising taxes on the rich the super-rich and corporations. The GOP has cut itself off from reality by pledging to Grover Norquest not to increase taxes on the rich. The Republicans have adopted simplistic, radical positions that will destroy their party. Here is an example of a radical position. Republican candidate Mitt Romney has vowed, “We’ll fight on in Afghanistan until the Taliban is defeated.” After 10 years of war, the Republicans are even clamoring for two more wars, in Syria and Iran. Memo to GOP: the voters have had enough of foreign nation-building and want to attend to the problems at home.
The Republican Party is on the wrong track. Instead of calling President Barrack Obama names like, “Obama subscribes to a phony theology” and issues that divide American rather than issues that the American people are focused on right now like the economy.
We need the Congress to vote for President Obama’s job-creation program, but this vote should not be build on deep cuts in public spending and regressive tax cuts as demanded by the new Republican Party.
Vote the Republicans out of office in November and let’s get America moving in the right direction for ALL the people. The Downfall of the Republican Party is coming.

May 15

UNIVERSAL HEALTH CARE

In June 2009, Wendell Potter, the author of “Deadly Spin,” made national headlines with his scorching testimony before a Senate panel on health care reform. Potter was the chief head of corporate communications for CIGNA. He explained to the members of the Senate panel that health insurers made promises that they had no intention of keeping. They disregarded regulations that were designed to protect consumers and they skewed political debate with multimillion-dollar public relations campaigns that were designed to deliberately spread misinformation.
Potter walked away from a six-figure salary because he could no longer abide by the routine practices of an industry where the needs of the sick and suffering took a backseat to the insurance companies bottom line. He testified that a huge share of health care premiums bankrolled relentless propaganda and lobbying with efforts focused on protecting one thing: PROFITS.
The American health system is corrupt and deadly. The health insurance industry today is dominated by a cartel of large, for-profit corporations. Top priority of the officers of these companies is to enhance shareholder values and profits. They are motivated and obligated to meet Wall Street’s relentless expectations rather than meeting the medical needs of their policy holders.
Corporate greed and human indifference are the daily norm in this business. Because of their greed about forty-five thousand people die every year. They either have no insurance or they are denied coverage because of preexisting conditions.
Practices of just three insurance companies revealed that nearly twenty thousand policies had been retroactively cancelled over a five year period. They scrutinize original applications of policy holders who were undergoing expensive care, canceled their policies; therefore avoiding paying three hundred million dollars in claims.
Members of Congress, mostly Republicans, who were friendly with the lobbyist of these companies, received huge campaign contributions from the insurance company executives. The Republican Party is a wholly owned subsidiary of the insurance industry.
At least two HMO’s in Connecticut were requiring hospitals to discharge breast cancer patients on the same day they underwent a mastectomy unless their surgeon could prove that an overnight stay was medically necessary. These two HMO’s were CIGNA and Connecticut CARE. Insurers were also telling hospitals to discharge new mothers on the same day they had their babies.
Thirty-two of the thirty-three developed nations have universal health care, with the United States being the lone exception. The United States remains the only wealthy, industrialized country where getting sick can mean going bankrupt.
It is hard to ignore that in 2006, the United States was number one in terms of health care spending per capita but ranked 39th in infant mortality, 43rd in adult female mortality, 42nd in adult male mortality and 36th in life expectancy. Why do we spend so much for so little? Many countries are more Capitalistic than the United States and yet they have universal health care. Hong Kong has a freer market; in Switzerland the government simply mandates that everyone have insurance and regulates the insurance industry, subsidizing health insurance for the poor. In 1912, Norway started Single Payer insurance followed by Japan (1938), Ireland (1977), and Italy (1978). The very first health care was started in 1883 by Bismarck in Germany along with social security.
In 2009, the top five insurance companies made a profit of 12 billion dollars, up 56% from the previous year. In 2007, the CEO’s at the ten largest insurance companies collected a combined total compensation of $118.6 million. That averages out to $11.9 million each. Between 2000 and 2008, buy back stocks included United Health Group with $23.7 billion, Well Point with 14.9 Billion, Etna with $9.7 billion and CIGNA with 9.8 billion. In 2007, sixty-two percent of personal bankruptcy was due to catastrophic illness. In 2008 there were 1.07 million household bankruptcies. If you break down the 45,000 deaths each year, due to greed and indifference, one hundred and twenty-three Americans die every day because of the insurance industry.
Healthcare coverage for all Americans is a Human Right under the Constitution. How many more must suffer or die before we realize that Health Care should be a right, not a privilege

May 12

Mitt Romney: Deals, Profits, Layoffs and Bankruptcy

The Mitt Romney campaign misses few opportunities to promote Romney’s record on creating jobs. What is not told is his experience in eliminating jobs. As head of Bain Capital, a private equity firm, Romney was the lead deal maker. His job was to buy and sell companies for the sole purpose of making money for himself and his investors. Romney’s estimated wealth in 2007 was $250,000,000.00.
In 1992, Romney and Bain Capital bought American Pad and Paper Company. They paid $5 million for the company. Over the next several years, under the stewardship of Mitt Romney’s firm, they bled this company dry. Hundreds of workers lost their jobs and stockholders were left with worthless shares. Creditors and venders were paid less than $.50 on the dollar. While exploiting this company, Bain Capital was charging the company millions of dollars in management fees. In all, Romney and his investors reaped more than 100 million dollars on the deal. Other deals lead by Romney were the Armco Worldwide Grinding System Steel Plant in Kansas City, Missouri. Bought by Bain Capital in 1993, the company merged with another steel plant in Georgetown, South Carolina. The results were the closing of the Kansas City plant in 2001, laying off 750 workers when the company went into bankruptcy. The South Carolina plant closed in 2003 losing another 1,200 jobs, also going into bankruptcy. Bain Capital took $58.4 million out of the company in profits while saddling the company with debt and under funding the employee pension fund by $44 million. At Dade Behring Inc., Bain cut 1,600 jobs before the firm entered into bankruptcy in 2002. DDi Corporation, an electronics company in California, filed for bankruptcy in 2003 and Romney and Bain billed the company $10 million in management fees. This bankruptcy resulted in 2,200 jobs being eliminated. GS Industries Inc., a steel company in North Carolina, filed for bankruptcy in 2001 because of Bain’s poor management with 1,200 jobs being lost. Employees, who lost their jobs from Bain controlled companies, say that Romney is still responsible. This is just a small example of Romney’s many failures. When he was governor of Massachusetts, his state ranked 47th in the nation for jobs creation. To find out more about companies that have failed because of Mitt Romney and Bain Capital, visit www.iwillspeakout.com.
In recent weeks, Romney and his campaign buddy, Governor Chris Christie has continued to criticize President Obama for his lack of leadership in creating jobs. Nothing could be farther from the truth. In 2009, President Obama created 700,000 jobs and in 2010 he created 1,800,000. This president saved the American people from a major depression while also keeping us safe form further attacks on American soil. In his first term as president, Obama eliminated bin Laden and saved 1.5 million jobs at General Motors. Mitt Romney, on the other hand said “Let General Motors go Bankrupt.”
Romney has made his fortune by being a corporate liquidator. He has bought companies that were in debt and after taking them apart piece by piece and firing thousands of people, these companies were sold for huge profits. His pockets got fuller and fuller on the backs of poor and middle income Americans. He was also responsible for many Mom and Pop stores going out of business because they depended on the larger businesses for their success.
As it turns out, Bain Capital and Romney ended up putting about 400,000 people out of work. This is a great “Job Creator?” Wealthy donors, including New Jersey Governor, Chris Christie are huge supporters of Romney. Outside groups made up of the rich and super- rich are backing Romney for President hoping to return to the George W. Bush era of no taxes for the wealthy one percent, deregulating just about everything that is now protecting consumers and doing away with retirement plans, Social Security, with the possibility of another war looming ahead.
Mitt Romney is no jobs creator and the proof is there for all to see. Remember, he likes firing people, and he has done exactly that over and over again. America can not afford to have Mitt Romney in the White House. He would destroy the very underpinning of this great country of ours along with the destruction of poor and middle class.

May 09

Older Americans Act for New Jersey

Since 1965, the Older Americans Act (OAA) has gained recognition as a unique and highly regarded statute that has stimulated the development of a comprehensive and coordinated service system for Senior Citizens. This system has contributed greatly to enhancing the lives of older individuals, their family caregivers and people with disabilities.
At the present time it is being debated whether or not to reauthorize this act. It is imperative that the Older American’s Act be reauthorized as soon as possible. Contact the state of New Jersey legislators and the federal legislators and tell them to vote yes on reauthorization of this very important Act. A yes vote by legislators will allow seniors to remain active for a much longer period of time and keep them out of nursing homes, thus saving taxpayers millions of dollars.
You can feed someone a daily meal at home for nineteen years at an estimated annual cost of $3,900.00 compared to $75,000.00 which is the estimated cost of one year in a skilled nursing facility. An individual can remain at home with supportive services for a fraction of the cost of one year in a nursing facility.
This comprehensive act also supplies seniors with job training for non-profit and government jobs saving millions of taxpayer’s dollars. Employment minimizes the risk of homelessness; helps prevent misuse of medication, prevents dangerous falls and reduces chronic health conditions thus allowing seniors to make a valuable contribution to the workforce. Providing medical assistance and counseling will unravel Medicare issues, decrease fraud, and reduce costly hospital readmissions.
Some day we will all become Senior Citizens, if we are lucky. It is imperative that we support the OAA by contacting State and Federal legislators and tell them to vote YES to reauthorizing the Older American’s Act.

May 09

Alec Dominates New Jersey

ALEC DOMINATES NEW JERSEY

Governor Chris Christie should start showing some signs of true leadership by thinking outside the box and giving in to the ideology of the American Legislative Exchange Council, better know as ALEC. This extremely conservative organization develops model bills that are used by state legislators here in New Jersey as well as throughout the nation. The members of ALEC are state legislators and big corporations who offer conservative advice and suggestions on the writing of model bills that will be used by the state legislators and governors throughout the nation whose sole purpose is to increase additional tax breaks for the wealthy and for big corporations, thus diminishing the quality of life for the middle class and poor of this country.
ALEC was founded in 1973 by Paul Weyrich. ALEC’s corporate board of billionaire benefactors includes Tea Party founders Charles and David Koch. The Koch brothers have enslaved the New Republican Party and made them a bunch of puppets. Puppets that they have complete control of. Because of the Koch brother’s money and influence, they have gotten the legislators to write business friendly legislation in their statehouses with no regard for the public welfare and the public interest.
ALEC has 2,000 Republican state legislators from all over the country. All of the Republican State Governors and 300 of the biggest United States Corporations, including Johnson & Johnson, Verizon, AT&T, Wal-Mart, Koch Industries, UPS, Exxon, Coca-cola and the National Rifle Association are all members of ALEC. ALEC’s documents show that lawmakers pay $50.00 a year membership fee. Corporations pay at least $7,000.00 and up to $25,000.00 to join. Legislators and corporate officials gather at high-end resorts towns several times a year to draft and update their conservative model bills.
ALEC has supplied some of the dominant legislative proposals in Arizona, Wisconsin, Colorado, Michigan, New Hampshire, New Jersey and Maine among others states. These bills roll back union benefits, toughen voter-registration laws, ease environmental rules and spin off government services to the private sector.
Governor Christie plans to open new avenues for private companies to run schools funded by taxpayer’s money. This plan will be a failure for the students but will be very profitable for the corporations.
New Jersey legislators who are in ALEC, or who have introduced bills resembling ALEC models have received $202,000. Christie collected more than $73,000 for his campaign.
Some state legislators who are members of ALEC are: Jay Webber (R-Morris), Steven Orobo (R-Sussex), Joseph Kyrillos (R-Monmouth), Donald Norcross (D-Camden), Christopher Bateman (R-Somerset), Anthony Bucco (R-Morris), and Gerald Cardinale (R-Bergen).
Christie’s budget cutting moves have been a disaster for the people of New Jersey. He rolled back pensions and health benefits for public workers, froze cost of living adjustments, cut funds for mental health care, tightened Medicaid eligibility requirements and privatized off-track betting.
ALEC and Christie have yet to introduce a bill to raise taxes on the millionaires of New Jersey. If the Governor wants a chance to show true leadership, he must raise the taxes on the 221,000 millionaires and the big corporations that have received all the tax benefits for the last 30 years. ALEC is not the answer but rather the problem. The sooner Governor Christie understands this, the sooner all the people of New Jersey will benefit from his leadership.

May 03

HAS THE AMERICAN DREAM TURNED INTO A NIGHTMARE?

The term “The American Dream” was inspired by the returning veterans of World War II after our triumph for democracy. It was promised that a good life would come with hard work and everyone would have an opportunity for a decent paying job with security. We could own our dream house, buy affordable health care, provide an excellent education for our children and have a secure retirement. Unfortunately, the American Dream has been under attack going back to the Ronald Reagan administration and accelerating under George W. Bush. Under Bush the new Republican Party of just say “NO. They were clearly represented by corporations along with the rich and super-rich. Bush gave outrageous tax cuts to the richest Americans, deregulated just about everything that would protect consumers and waged a very expensive and unnecessary war with Iraq under the false premise of weapons of mass destruction. During his administration the housing market was destroyed for millions of the middle class citizens by allowing Wall Street investment bankers to defraud and steal billion of dollars. Twenty-five million Americans lost their jobs during his eight years in office. Bush and the new Republican Party are therefore responsible for the second worse depression in American history. It was only the forward thinking of President Barrack Obama that saved us by turning the depression into a recession with his stimulus package. The new Republican Party is only interested in making the rich richer. The party is controlled by big corporations who in turn give the party members millions to do their bidding. Now that “The American Dream” is fading, blame the new Republican Party. Wages for 70 percent of Americans has declined while CEO salaries and corporate profits have soared. Corporations continue to ship jobs abroad, one in four homes are underwater (1 million foreclosures per year.) Homes being, for the middle class Americans, the single largest asset they have. Health care cost is soaring with 45 thousand people dieing every year because they lack health insurance or it is not adequate. Half of all Americans have no retirement plan, pensions are disappearing and even Social Security and Medicare are being targeted for huge cuts. The richest one percent owns nearly half of the nation’s income and control 70% of its wealth. Under the New Republican Party they have pocketed almost all the rewards of the past decade’s economic growth. Where is all the money? Congress has made it possible to use tax shelters and legal loopholes to avoid paying corporate taxes. The ability to use tax havens in off-shore places like the Cayman Islands, The Bahamas and Zorn, Switzerland is morally wrong and totally unethical. At the present time there is forty trillion dollars in these off-shore accounts. Money and profits that are made in the United States should be paid to the IRS so that our economy can continue to grow and solve our economic problems. Since the 2010 midterm elections, fueled by the Tea Party movement, 680 legislative seats and control of both the legislative chambers and the Governors of twenty-one states have gone to the Republican Party. These Republicans have pledged their allegiance to Grover Norquest, Charles and David Koch and signed a pledge never to say YES to raising taxes for the rich, super rich or corporations. The only pledge these politicians should have made is to the constitution of the United Stares. Remember when you vote in November, not to vote for the New Republican Party who is in lockstep to protect the interests of the millionaires at the expense of the middle class. Instead, you must vote for the Democrats, who will bring back “The American Dream.”

May 02

A PATERNALISTIC NATION

On Tuesday, April 10, 2012, Governor Chris Christie warned an audience of Republicans that the Country is in danger of becoming a paternalistic, entitlement society. Christie spoke at a day long conference on tax policy in New York, hosted by former President George W. Bush. Christie’s speech sounded like an “audition” for a spot on Mitt Romney’s ticket. Christie said, “When the American people no longer believe that this is a place where only their willingness to work hard and to act with honor and integrity and ingenuity determines their success in life, then we will have a bunch of people sitting on a couch waiting for their next government check. This entitlement society will not just bankrupt us financially, it will
Bankrupt us morally.”
Let us not forget that millions of American jobs have been lost and millions of families have lost their homes. This dire situation was created by George Bush and the New Republican Party. Christie’s speech showed that he is nothing more than an egotistical elitist who continues to follow his party’s dysfunctional ideology.
Governor Christie, it is true that the United States is turning more and more into an entitlement society, but it is the corporations who are receiving generous tax relief without producing jobs in return. Christie granted corporations unprecedented tax breaks to the tune of $l.5 billion dollars, which was stripped away from the state budget with a promise to create more jobs. Where are those jobs? The people of New Jersey and those across the country are fed up with you rhetoric. The problem remains the rich, super-rich and corporations, who receive 80 percent of all the welfare, which is called SUBSIDIES. The richest 1 percent owns almost half of the Nation’s income and control and 70 percent of all the wealth. Under the New Republican Party they have pocketed almost all the rewards of the past decade’s economic growth and where is all the money? It can be found in off-shore tax havens like the Cayman Islands and Zorg, Switzerland. At the present time there is forty trillion dollars in these off-shore accounts. Money and profits that are made in the United States should be paid to the IRS, so that our economy can continue to grow and solve the National deficit.
The oil corporations receive four billion dollars in government subsidies and they still claimed a profit of 147 billion dollars last year. The Yankees and Meets owners will collect more than 1.3 billion dollars in public funds. The government gives hidden subsidies to build posh golf courses. Paris Hilton’s grandfather schemed to retake the family fortune from a charity for poor children. Donald Trump benefited from a tax that was enacted to help the elderly and the poor, but instead the money was diverted to his casinos.
The book “Free Lunch” by David C. Johnston explains how the lobbyists and lawyers representing the most powerful 1 percent of Americans manilipulated our government at the expense of the other 99 percent.
An interesting fact is that 87 percent of all millionaires inherited their wealth and only 13 percent are truly self-made millionaires who worked hard to achieve their successful life. Warren Buffet famously remarked that “there is class warfare all right, but it’s my class, the rich class, that’s making war and we’re winning.”
In Chris Christie’s America, the only entitled class is the rich and super-rich. He will see to it that they are protected in New Jersey and anywhere else he has influence. A paternalistic Nation may exist but not for society’s poor, instead it is called Subsidies and it exists for only the rich.

May 02

BIGGER IS BETTER

In 1776, there were 2.5 million people living in America. This did not include the slave’s and the Native American population. Two hundred and thirty-six years later the population has increased to over 300 million people. According to the Bureau of Labor Statistics, only 1.8 million civilians work for the Federal Government. The popular belief held by the New Republican Party is that the Government work force is too big and should be reduced. This concept is totally wrong. The Federal work force should be increased to at least 3.5 million workers in order to achieve the primary goal to protect the American people from attack both foreign and domestic.
The theme of creating smaller government was started by President Ronald Reagan and has continued through the years. Since the dawn of the New Republican Party and the Tea Party this concept has accelerated. Our democratic form of government exists for our safety and welfare. In 2010 conservative legislators from the New Republican Party gathered in Washington to plan their radical policies for the state and federal governments. This special policy summit was organized by the American Legislative Exchange Council (ALEC), which was founded in 1973 by Paul Weyrich. The ALEC is a critical arm of the right wing network for changing policies that help corporations and the wealthy class of Americans. It is funded by big corporations whose objectives are to down-size government, destroy public education by privatizing it, break-up Unions, privatize Social Security, and pass voter ID laws and so on and so on. The ALED’s corporate board of billionaire benefactors include Tea Party founders Charles and David Koch.
It is clear that the New Republican Party would like to down-size the federal government for their own gain. What we need to do is increase the number of federal workers to at least 3.5 million in order to protect our needs and safety. We need more inspectors and regulators whose job it is to check our water ways, our air quality and health and human services. We need more regulators for our banking system, Wall Street and the housing market, and for rich oil corporations. We need regulators for air travel safety as well as all transportation of food supplies and medical corporations.
It is important for our Nation to fight back against the New Republican Party and their policies of down-sizing the federal government. Their conservative ideology will led us to more public sector layoffs, more budget cuts, more deregulation and more lowering of taxes for the rich and super-rich as well as corporate tax cuts.
We need a jobs creation program which includes more federal workers to safe guard our public needs.
Remember the New Republican Party is the party of No, the party of big lies and the party of false statements. We need to vote the Republicans out of office in November and elect legislators who will get America moving in the right direction. Smaller Government is not the solution…..bigger is better.

Apr 30

THE REPUBLICAN MANIFESTO

The House Republicans have set the stage for a major philosophical battle with President Obama and the Democratic Party by introducing a budget plan that would reduce spending bny $5.3 trillion over the next decade. This plan was drawn up by House Budget Committee Chairman Paul Ryan (R-Wis.), who supported Governor Scott Walker’s bill to do away with collective bargaining with teachers and break all the unions in Wisconsin. Governor Walker is currently being recalled by the people of Wesconsin.
Ryan considers himself a genius on fiscal matters and has jurisdiction over tax policies, social security, health care and trade laws. Ryan’s lack of moral leadership would cut Medicaid by a third, cut $11 million from VA services, do away with Medicare as we know it and gut programs like food stamps, Pell Grants and job training initiatives. Seniors would pay more for health care and the poor would suffer unbelievably brutal cuts while the wealthiest Americans would get tax cuts of at least $150,000 a year.
Robert B. Reich, the author of “After Shock” said “Ryan’s plan is pure social Darwinism of the most heartless kind.” Ryan’s plan would repeal the Affordable Care Act and reform Medicare by giving seniors a subsidy they could spend either on private health care or traditional Medicare coverage. It would reduce non-entitlement spending as a percentage of the GOP from about 12.5 percent today to 5.75 percent by 2030, a rate not seen since World War II.
The Republican proposal calls for replacing the current tax structure to give a 10 percent rate for lower income earners and a 25 percent rate for upper income earners. That would be a reduction from the current top rate of 35 percent. Ryan also wants to wipe out the alternative minimum tax and he calls for lowering the 35 percent tax on corporate profits to 25 percent. He proposes granting U.S.Corporations a blanket exemption on profits earned overseas.
The Republican Congress has already made it possible to use tax shelters and legal loop holes to avoid paying corporate taxes. The ability to use tax havens in off-shore places is totally unethical. At the present time there is forty trillion dollars in these off-shore accounts. Since the Republicans have pledged never to say YES to raise taxes for the rich and super rich or the corporations, the deficit problem will never by resolved.
Under President Barrack Obama’s budget proposal 98.4 percent of people earning more than $1 million would see their taxes increase next year by an average of $185,000. In contrast, 31.6 percent of American households earning between $50,000 and $75,000 a year would see an average tax increase of $92.00. In that same income group, 16.8 percent of households would have a tax cut averaging $382.00.
Obama’s budget would raise marginal tax rates to a maximum of 39.6 percent, up from 35 percent. High income taxpayers would also face higher rates on investment income and limits on deductions. The budget would impose restrictions on Multinational Corporations’ ability to defer U.S. taxes on income earned outside the country. Oil and gas companies would lose several current tax breaks.
Ryan’s manifesto promptly won approval from Mitt Romney. There is some speculation that Romney is considering Ryan as Vice President. That could be a National disaster!
Ryan’s budget takes tax rates on top earners and puts them at an historic low. He offers a new round of deep tax cuts for the wealthy and for corporations. Basically, his proposal is the ultimate rich getting richer and the poor and middle class getting poorer.
We can not afford to give the key to the White House to the Republicans and thus rish bankrupting the middle class and poor.