Thursday, December 02, 2010

Deficit Reduction Plan Takes from Poor and middle class to reward the wealthy

It is an unfortunate truth that a sizable number of African Americans are seemingly more interested in whether T.I is going to prison again, or Mike Vick’s great performance against the Washington Redskins, or in Tyler Perry’s brutal dissection of Ntozake Shange’s play, For Colored Girls Who Have Considered Suicide When the Rainbow Is Enuf, than they are in the economy. President Obama’s National Commission on Fiscal Responsibility and Reform revealed a recent plan to reduce the national deficit. Unlike most people, I have just finished reading the proposal and the way I read it, the deficit is the least of its targets when compared to cutting taxes for the ultra wealthy.

The guiding principle of the proposal is not to reduce the deficit, but rather to establish an upper limit on revenue — not lower. The obvious point agreed upon by the Democrats, Republicans and other members of the commission is tax cuts for the rich.

Case in point, the proposed tax cuts obviate mortgage interest and health benefits deductibles — things that the middle class and lower economic groups depend on. Yet, all gained from these tax cuts. From my reading and interpretation the tax cuts will be used to reduce the top marginal and corporate tax rates. So, in essence the breaks that regular folks receive will currently result in larger breaks for the wealthy, who do not need them. Don’t get me wrong, I am not a socialist, but rather a pragmatist who understands basic math.

Another example is the proposed increase in the retirement age for Social Security. The commission has suggested that the age to be eligible to receive social security be raised to 69, in line with the increase in life expectancy of U.S. citizens. The problem is that most Americans do not have jobs where they sit on their ‘azzez’ all day. Not to mention that African Americans and minorities, for example, have a life expectancy less than the current age for retirement under Social Security. Which, in turn, means that to expect someone to work more years labor-intensive job than somebody like a politician, who sits on their butt behind a desk, is just foul! The truth is that the rich and wealthy live longer and they don’t need Social Security for a safety net.

No way in the world is the work of a garbage man, teacher, janitor or day laborer as easy as an executive, banker or Wall Street lawyer.

6 comments:

GC {God's Child} said...

I had a look. I had trouble understanding it from skimming.
None of this is going to work if they keep allowing big business to skip out on paying their taxes.

Clifton said...

These policies are going to be implemented thanks to so many closed minded and ignorant working class Americans that have been suckered into thinking that tax cuts for the wealthy are related to their rights and freedom.

No one seems to be mentioning that the Bush Tax cuts have been in effect for ten years and have done nothing to turn the economy around.

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