Over the last fifty years the top 1% of income earners took in about 12% of all incomes in this country. Now, the top take it 24% of all the income in this country. While the rich have been getting bonuses and golden parachutes the working class has been getting pick slips. Unions can agree to higher wages, Tea partiers can agree to higher wages, Conservatives that work for a living can agree to higher wages. This is an issue that unites us all.
The fact is when a few people control the income in this country that means that someone else looses their money. Because, there is only a certain amount of money in out economy. (i.e. Last year our GDP was 14.5 T) Why can the rich pay more in taxes to help the rest of the country. Why cant prosperous corporation give up subsidies to their private jets to help an American get a job? Why can’t the 2% of wealthiest income earners be patriotic and demand Congress to rise their tax rates? Why can’t oil companies give up billion in government money to plug the whole in the federal deficit? Why can we take away health-care from homeless individuals, and the poor and take away voting rights but give 700 billion to Wall Street? How come 5 million American won’t be able to vote in the 2012 elections, but multi-national corporations can donate unlimited amounts to political campaigns, but individuals can’t? Because of greed and corruption.
This isn’t a Republican or Democratic issue. The 99% are loosing. The top 10% of income earners in this country control over 92% percent of the wealth. Leaving the rest of us with only 7% control. These are the facts. Every American worker should be fighting for higher wages, a fairer tax system, health benefits, weekends off, paid vacation, and fairness. The Occupy Wall Street rallies are getting the message across; the American public is fed up with income inequality, corporations and the rich cheating on taxes, and the corruption on Wall Street and in government.
Herman Cain’s tax plan is what is called the 9-9-9 Plan. The only clear thing people are getting out of it is that it includes a 9% flat tax on every income, a 9% national sales tax on everything that is bought in a store, and a 9% flat tax on businesses. One must understand that currently the tax system is set up in three brackets; 15, 25, and 35% tax brackets; we don’t have a national sales tax, and the corporate tax rate is 35% which businesses rarely even pay. I have no idea how much this tax system would bring in, but according the Center for Economic Policy and Research it would bring in about half the current revenue to the federal government. Also, the sales tax would be added to the already high state and local consumption taxes. In Massachusetts the state’s sale tax is 6.25%, and with Herman Cain’s tax reform plan now on everything I’d buy in a store I’d be paying 15.25%. This would decrease the amount that people would spend buying; don’t we need people buying products right now?
|Total With Max
|Groceries||Prepared Food||Prescription Drug||Non-prescription Drug||Clothing|
|District of Columbia||6.0%||6.0%||10.0%|
|Massachusetts||6.25%||6.25%||7% (max)||> $175|
|North Carolina||4.75%||7.25%||2%||9.25% (max)|
|Exempt from general sales tax|
|Subject to general sales tax|
|7%||Taxed at a higher rate than the general rate|
|3%||Taxed at a lower rate than the general rate|
|3%+||Some locations tax more|
|3% (max)||Some locations tax less|
|> $50||Taxed purchases over $50 (otherwise exempt)|
|No state-wide general sales tax|