As the Presidential campaign narrows to an Obama/Romney match-up there is one key issue that should clearly define the choice for American voters ? should poor and middle class beneficiaries, both present and future, pay the price for Washington?s fiscal failures? Does this meet your idea of “shared sacrifice”?Already, fiscal conservatives have ratcheted up their political rhetoric attempting to blame Social Security and Medicare for an economic meltdown and federal deficits they did not create. The GOP/Ryan budget, with Mitt Romney?s endorsement, lays out their economic strategy of benefit cuts for the poor and middle-class combined with even larger tax breaks for corporations and the wealthy. Yes, you read that right?more tax cuts for those who need them the least.Demos and the American Prospect created this terrific breakdown of what this flawed fiscal strategy has already done to our economy in their post ?Top Ten Tax Facts -Think you know a lot about government revenue? Think again.?Here are the first 5, but we recommend you read the entire post and share it with your friends if they sound like they’re buying the bogus GOP/Fox News talking points on Social Security, Medicare and deficits:
Think you know a lot about government revenue? Think again.
This piece is the fifth in a six-part series on taxation, and a joint project by The American Prospect and its publishing partner, Demos.1. The government has collected less in taxes as a proportion of the economy in the past three years than it has in any three-year period since World War II, and tax rates are at historic lows.2. One out of three multi-millionaires pays a lower percentage of their income in taxes than the vast majority of people making $60,000 a year.3. Chairman Paul Ryan?s budget proposal, which has been praised by Governor Romney, would deliver benefits to people with incomes over $1 million that are 10 times greater than the benefits to those earning $40,000 or less.4. Corporate income taxes for the past three years have hovered at just over 1 percent of GDP, lower than for any three-year period since World War II. The average for OECD countries is 3.5 percent.5. The Bush tax cuts added $1.7 trillion to the nation?s debt between 2001 and 2008, which is more than it would cost to send 25 million kids to four-year public universities.
lays out their economic strategy of middle-class benefit cuts combined with even larger tax breaks for corporations and the wealthy. Yes, you read that right?more tax cuts for those who need them the least.