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05 Nov 01 - 02:08 PM (#586140) Subject: Political - GOP 'Economic Stimulus' From: GUEST,katlaughing Time to contact your congresspeople, again; either way you feel about it, please take time to let them know what you think of this: (emphasis is mine) Economic Stimulus by Molly Ivins Nov. 1, 2001 AUSTIN, Texas -- I don't see how we can call the House "economic stimulus" package anything but war-profiteering. The bill is a disgrace, and the usual suspects from Texas -- Tom Delay and Dick Armey -- hold large responsibility for it. What happened here, while we were all being exposed to anthrax-scare 24-7, is that corporate hitchhikers, who got left out of the earlier tax-cut package in favor of rich people, moved right in for the kill in the name of patriotism and economic stimulus. The bill provides big tax cuts for big, profitable corporations -- IBM, General Motors and General Electric get a total of $3.27 billion in immediate tax rebate checks. A total of $25 billion in immediate tax rebates goes to large, profitable corporations, according to Citizens for Tax Justice. That's twice as much instant rebates to profitable corporations as the House, by two votes, decided to give the 37 million low-income families who didn't qualify for the original tax rebate. Forty-one percent of the new tax cuts go to the richest 1 percent of taxpayers, while the only 7 percent goes to the bottom 60 percent, according to the analysis by Tax Justice. Even more eye-popping cuts, relative to size, go to a whole slew of Texas corporations, including TXU, ChevronTexaco, Enron, etc. Dirty work at the crossroads -- or, more accurately, like the refrain of the country song, "Dead skunk in the middle of the road, stinkin' to high heaven." For those who have forgotten where we started with the tax cuts, the first round, passed in May, was heavily tilted to benefit the rich and, surprise!, did not provide the needed economic stimulus. Even the Democrats' notion of a $300 rebate for "everybody" meant only everybody who made more than about $33,000 a year. That left out a whole lot of somebodies. The problem is that four out of five Americans pay more in payroll taxes than the do in income taxes, so an income tax cut by definition favors the wealthy. The particularly obnoxious feature of the Republican "economic stimulus package" is that it is aimed at precisely the wrong people. Not only does it, again, unfairly benefit the wealthy, but it leaves out, again, precisely the people who will promptly spend whatever they get, thus actually providing economic stimulus. This bill contains so many bad ideas, it's hard to count them all. It would repeal the Alternative Minimum Tax, which discourages corporations from looking for tax loopholes and shelters. Reducing the capital gains tax -- now there's a dandy. Three-fourths of the proceeds from that little sweetheart go the wealthiest 1 percent, and it costs the treasury $10 billion a year. President Bush wanted an economic stimulus plan of between $50 billion and $75 billion. This one will cost well over $212 billion. "The largest corporate tax loophole under current law -- accelerated depreciation -- would be almost doubled, at an estimated cost of $109 billion over the next three years," says Tax Justice. Incredibly enough, the Senate Republican bill is even more grotesquely skewed to benefit corporations and the wealthy, at a total cost of $220 billion. More than half the proposed Senate cuts would go the richest 1 percent; only 6 percent would go to the bottom 60 percent. One of the many troubling aspects of the Republican bills is that rather than providing an extension of health insurance benefits for the unemployed, they propose instead to let states shift money from the federal program designed to provide health insurance for poor children to insurance for the newly unemployed. Bush himself signed off on this proposal. That's just great -- let's take money away from poor kids to help those impacted by terrorist attacks. What a great choice. Of course, the Senate D's are putting together a completely different package. But R's are using an old legislative trick. There is hell's own pressure on the Democrats to cooperate and to compromise these days: No one wants to hear Congress squabble in the middle of a national emergency. This thing will be compromised out, but when you start by putting a ton of weight (or idiot tax cuts) on one side of the see-saw, what happens is you wind up with half of those idiot cuts and none of the useful ones. At this rate, we're going to look up from the war against terrorism to find both our civil liberties and economic justice long gone. Long term, that's a lot scarier than anthrax. Speak up, people; speak out. The only way to stop something this big and bad is for the people themselves to put pressure on Congress. This is just as much a matter of patriotism as enlisting in the Marines. To find out more about Molly Ivins and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate web page at www.creators.com. COPYRIGHT 2001 CREATORS SYNDICATE, INC. |
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05 Nov 01 - 02:24 PM (#586147) Subject: RE: Political - GOP 'Economic Stimulus' From: GUEST,Deda Another piece on the same theme, making the email rounds: In this time of national crisis, amid calls for sacrifice, I'm truly troubled by some of the choices of the Republican party leadership. Here's their idea of an economic stimulus package: $1.4 billion for IBM $833 million for General Motors $671 million for General Electric $572 million for Chevron Texaco $254 million for Enron This is war profiteering, and it's simply wrong. Yet the House has just approved it, on a virtual party line vote, ending the recent spirit of bipartisan cooperation in Congress. Will you please join me in speaking up, before the Senate acts? Go to: http://www.moveon.org/warprofiteering/ While our nation was reeling from the Anthrax threat, the House voted to repeal the Alternative Minimum Tax on corporations. This law normally requires hugely profitable companies to pay at least some tax, no matter how many loopholes they can find. Its repeal would allow many companies to pay zero U.S. income tax in perpetuity - a loss of more than $12 billion in revenue next year alone. The repeal is retroactive, so companies would get rebates of all the Alternative Minimum Tax they've paid for the last 15 years. The numbers above are a sampling of these rebates. The House also voted to allow corporations to store their profits overseas as a tax shelter. That's right - this "stimulus" would actually take money _out_ of the U.S. economy. It's backwards. The right approach to stimulus is to put more money in the hands of everyday people who need it most - by expanding unemployment insurance, for example. People living marginally will spend it quickly on consumer goods, so it circulates through the economy, benefiting everyone. Helping people would make economic sense. Giving billions in tax breaks to America's biggest corporations doesn't. The Senate is considering this issue now. Please speak up at: http://www.moveon.org/warprofiteering/ |
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05 Nov 01 - 04:57 PM (#586195) Subject: RE: Political - GOP 'Economic Stimulus' From: DougR Well, a part of that package includes a pay out of $300 to single peoplel and $600 to married couples that did not receive a check this summer. As I recall, many Mudcatters did not receive checks and under this program will be receiving them. I assume they will all be returned to the Treasury, right? :>) DougR |
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05 Nov 01 - 05:19 PM (#586207) Subject: RE: Political - GOP 'Economic Stimulus' From: Jack the Sailor Doug, Don't you have anything to say about the substance of the packages? Assuming that you are not Exxon or IBM. you have nothing to gain and much to lose from this, so called "stimulus" package. Bush and the GOP is buying their next reelection contributions with your money. Why do you blindly support everything they do? It is not like supporting a NASCAR driver. You are allowed to disagree. |
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05 Nov 01 - 06:09 PM (#586254) Subject: RE: Political - GOP 'Economic Stimulus' From: Greg F. Doug discuss substance? Surely you jest. |
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05 Nov 01 - 08:35 PM (#586343) Subject: RE: Political - GOP 'Economic Stimulus' From: DougR Jack: Who supplies all the jobs for workers who need them? Businesses and corporations. The more people hired, the more money people spend and that stimulates the economy. Jack, you can be as anti-business as you wish to be. Fine with me. Probably the majority of the folks here do. But right now what we need more than anything else to improve our economic situation is jobs, and I don't know who is going to supply them if businesses don't. When, and if I find something to disagree with that the administration and the congress is doing, I'll do it. Meanwhile I'll just let the rest of you carp and moan and complain and find fault. That's your right. DougR |
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06 Nov 01 - 08:27 PM (#587105) Subject: RE: Political - GOP 'Economic Stimulus' From: BlueJay DougR- The last givaway to the wealthy didn't stimulate anything, and this one is less likely to. I doubt that companies who are in a frenzy to lay off workers are going to do much investing in tools and machinery. You can bet, however, that they will be investing heavily in "golden parachutes" and huge year-end bonuses for CEO's, who will then be able to stash their money overseas. This is absolutely shameful. Meanwhile, in my state, Medicare just increased the co-pays for critical treatments such as dialysis and cancer treatments, exhorbitantly, for poor and elderly patients who are already in poverty. And reduced drug benefits at the same time. Of course, the number of folks with no health insurance at continues to grow. If this is "compassionate conservativism", you can keep it. Absolutely shameful. BlueJay |
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06 Nov 01 - 08:31 PM (#587108) Subject: RE: Political - GOP 'Economic Stimulus' From: DougR Medicare reduced drug benefits? Medicare doesn't provide drug benefits. BlueJay, you obviously are not pleased with the economoic package proposed, and you should do as kat suggests. Write you Senator and your Congressman DougR |
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07 Nov 01 - 07:49 AM (#587313) Subject: RE: Political - GOP 'Economic Stimulus' From: Big Mick I chuckle over Doug (whom I like, BTW) always mouthing the same old tired phrases. Most economists know and have said publicly that for a stimulus package to work, it has to go, in the main, to the working poor and middle class folks in order to be effective. The reason for this is that when they spend the money they spend it on durable goods (appliances, etc). The tax cuts to the wealthy usually end up in savings of some form. Tax cuts to the corporations don't produce much as they are already overbuilt, that is they have excess capacity. This package is a sham as it is presented. If the Republicans wanted to reward their friends they should have just said so. Calling this a stimulus package is false advertising. Mick |
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07 Nov 01 - 08:10 AM (#587322) Subject: RE: Political - GOP 'Economic Stimulus' From: Allan C. Doug, according to the "Medicare & You" publication, published by the Center For Medicare and Medicaid Services, "Medicare also helps cover...Immunosuppressive drug therapy for transplant patients...Outpatient prescription drugs (very limited). For example, some oral drugs for cancer." |
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07 Nov 01 - 08:12 AM (#587324) Subject: RE: Political - GOP 'Economic Stimulus' From: Troll I am very concerned about the repeal of the Alternative Minimum Tax as anyone should be. That money will be made up somewhere. On the other hand, Ivins said; "The problem is that four out of five Americans pay more in payroll taxes than they do in income taxes, so an income tax cut by definition favors the wealthy." What is the difference between a "payroll tax" and an "income tax". They BOTH come from the money one earns, and both are deducted. Why make this distinction? Another thing, the income tax is based on the money one earns, not the money one has, so taxing the so-called rich would simply increase the tax burden on those who earn more. If you want real tax equity, repeal ALL taxes and go to a national sales tax, exempting only food, clothing, and medical costs. troll |
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07 Nov 01 - 08:23 AM (#587330) Subject: RE: Political - GOP 'Economic Stimulus' From: GUEST Ah, dearly naive Troll--wealthy people don't earn money, they inherit their parent's wealth. They are merely seeking tax breaks to increase their wealth with the smallest risk. Getting legal loopholes to drive your armored Brinks through is much less risky than speculative game playing in the markets, running businesses, or being at the mercy of an employer who can fire you in an instant. That's why they aren't like us, and don't like you knowing about them. |
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07 Nov 01 - 01:51 PM (#587567) Subject: RE: Political - GOP 'Economic Stimulus' From: DougR Ah, but Big Mick (who I also like), THOSE economists are Democrats! **BG** I'd be for abolishing income taxes and going to a national sales tax myself, troll. DougR
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07 Nov 01 - 02:16 PM (#587606) Subject: RE: Political - GOP 'Economic Stimulus' From: LoopySanchez Everyone pays a payroll tax. That tax is returned to everyone in the form of various benefits (SS, Medicare, etc). That's why payroll taxes aren't included in the refund. They're already refunded to you (quite inefficiently) when you retire, unless you die, in which case the government keeps it all (I'll talk about Government mandated Ponzie schemes in another thread). Are some of you now saying that people who don't pay income taxes should get some of their payroll taxes refunded? Wouldn't that in a sense be the same as charging two different prices for the same services and goods, depending on the income of the person paying for them? If that's the case, I want the local Lexus dealership to institute a similar policy. Keep in mind that the previous point has no bearing on the concept of inefficient corporate welfare and the BOHICA approach to economics, which I despise as much as the next guy. I look at my measly little below-cost-of-living raise for this upcoming contract year, figure that my insurance premiums will go up more than enough to eat it up, then look across the street to the big dogs' offices, and see new cars in their spaces, purchased right around the time that my department's raises were announced. Then I look back down at my paycheck, then I look back up and the cars are gone, because hey, it's Friday, it's noon, and the weather's perfect for golfing! Another year at this job and I'll be ready to vote for Nader...Jesus, what's wrong with me? |
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07 Nov 01 - 02:26 PM (#587616) Subject: RE: Political - GOP 'Economic Stimulus' From: DougR Go Nader! |
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07 Nov 01 - 03:17 PM (#587673) Subject: RE: Political - GOP 'Economic Stimulus' From: mousethief Doug, how many of the jobs in the US are provided by BIG business, and how many by small and medium-sized companies that get left out of this pork barrel? You seem to have a big tub labelled "Business" and anything it does is okay by you, and any largesse it receives likewise. Alex |
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07 Nov 01 - 03:48 PM (#587707) Subject: RE: Political - GOP 'Economic Stimulus' From: Jack the Sailor Bushonomics 101, 1. Buy the election by financing Bush, 2. Get your money back 1000 times over when Bush gets in. 3. Call it something other than corruption. Economic Stimulus is convienient. |
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08 Nov 01 - 01:00 PM (#588325) Subject: RE: Political - GOP 'Economic Stimulus' From: DougR There was a very good story on the Economic Stimulus in our newspaper this morning. I must agree that I don't think the package as proposed by the GOP and the administration makes any sense. It is too heavily weighed toward business and not enough to middle and low income individuals and families. DougR |
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08 Nov 01 - 08:04 PM (#588649) Subject: RE: Political - GOP 'Economic Stimulus' From: kendall Doug, I knew, sooner or later, you would see through the smoke and mirrors of the administration, AND that you would be man enough to say so! |
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08 Nov 01 - 08:47 PM (#588680) Subject: RE: Political - GOP 'Economic Stimulus' From: MarkS Just curious - what exactly is corporate welfare anyway? I always figured that corporations pay no taxes in any event. They "collect" taxes from you and me by virtue of the fact that some of the money they charge us for their goods and services gets confiscated by government as a tax on gross profits. Each and every dollar any corporation ever sends to Washington comes from the pockets of the customers of that corporation. And the products are priced with that knowledge in mind from the get go. Mark |
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08 Nov 01 - 09:28 PM (#588712) Subject: RE: Political - GOP 'Economic Stimulus' From: DougR Corporations still pay a tax on their profits, Mark. They probably do their best to see that income balances expense through creative bookkeeping, but if they show a profit, it is taxed. DougR |