FIAF – Millionaires and Billionaires Edition

Nothing like some old fashioned class warfare.

Now, on to the “People’s Budget”, put out by the Progressive Caucus and up for vote today.

So, what’s in it? Well the tax rate schedule from Rep Schakowsky, a member of Obama’s deficit commission:

The Fairness in Taxation Act asks enacts new tax brackets for income starting at $1 million and ends with a $1 billion bracket. The new brackets would be:

* $1-10 million: 45%
* $10-20 million: 46%
* $20-100 million: 47%
* $100 million to $1 billion: 48%
* $1 billion and over: 49%

The bill would also tax capital gains and dividend income as ordinary income for those taxpayers with income over $1 million. If enacted in 2011, the Fairness in Taxation Act would raise more than $78 billion

Of course, the Bush tax rates for “upper incomes” would be rescinded too.

By taxing the rich, the progressives will now have more money to spend and thus they recommend increasing Federal spending on:
– Global spending for AIDS/HIV, Tuberculosis, Malaria, USAID, and other mother/child (global) health programs
-U.S. Institute of Peace (whatever the heck that is)
-20% more on Renewable energy
-5% increase in natural resources and the environment
-5% increase in community development
-20% increase in education, training and social services
-10% increase in Domestic health spending on
-20% in “income security” which includes things such as WIC, Food Stamps, Section 8 housing, etc.
-10% increase in Vet Benefits
-5% increase in “Justice” services.

So, who are these 80 nut-jobs that make up the Progressive Caucus? You can find them here .

John Conyers is there, of course, as is all the usual suspect; Keith Ellison, Bernie Sanders, Marcy Kaptur, Dennis Kucinich, Barbara Lee, Charlie Rangel, Louise Slaughter, Maxine Waters, Henry Waxman – there are 80 members of the Caucus.

HUFFPOO LINK WARNING, so don’t kill me Hotspur.

In the progressive middle is the People’s Budget. Like Ryan’s plan, the People’s Budget would cut the budget deficit to zero by 2021, but would do so in an efficient and fair way. It would close the budget deficit by raising tax rates on the rich and giant corporations, while also curbing military spending and wrestling health care costs under control, partly by introducing a public option

They call the plan “in the progressive middle.” The middle of WHAT? Progressives are not in the middle of the political spectrum. They are on the FAR LEFT.

Fuck it. I’m too irritated now to go on about this. The new Foo Fighters album (SYWM) came out this week and it kicks ass.

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One Comment on “FIAF – Millionaires and Billionaires Edition”

  1. Vmaximus Says:

    So people like Ocean Kitty think that when someone makes $10 they deserve $4.50 to $4.90 of it? Who are they kidding? They want all $10

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