Remember I mention I was discussing the Gang of 6 "plan" with a friend, well he sent to to his Senator Brown. clo
Dear Senator Brown,
While I strongly feel that the Federal Government must cut it's reckless 40% spending on credit and operate within a balanced budget, I am disappointed that you seem to support the "Bipartisan Plan to Reduce Our Nation’s Deficits".
Tell me, did you also support the decision for America not to even have a budget for FY2011 (the 1974 Budget Act requires Congress to pass a budget each year by April 15) as well?
I am familiar with the current proposal which provides for additional tax cuts to the rich.
Specifically; the repeal of the Alternative Minimum Tax, which closed loop holes, will reduce tax revenues by $1.7T, as will the further lowering the highest marginal tax rate bracket, to encourage economic growth, to not more than 29% and as low as 23%,.
You think this will work, the Bush tax cuts for the rich have been in place for 10 years now......so, where is our economy and jobs?
Additionally; it calls for the reduction of corporate tax rates, yet there are so many large corporations, earning billions of dollars of income, that pay no taxes, with some even receiving additional dollar credits.
Why do we encourage this behavior by providing billions of dollars, of taxpayer money, in contracts to these companies?
So, where will the needed tax revenues come from? Of course, as always, from America's middle class (e.g. home-ownership, retirement etc.).
While it appears to pursue Social Security reform, the solution is egregious.
Today, Social Security has a $2.5T surplus, of which my tax payments have helped fund.
The truth be known, Congress has stolen this money, leaving behind IOUs, which have no intrinsic value, except a promise to be paid back someday. How will this be accomplished?
Does Congress hope to convert their IOUs into Treasury bills and sell them to China, or pass them over to the Federal Reserves balance sheet to be monetized (e.g. print more money, further fuel inflation and devalue the dollar), or will taxes be raised (on whom)?
The present (transitional) answer is to implement a 'chain deflator' to reduce cost of living adjustment. Given the recent inflation in oil, food and clothing, do you really believe we can/will drive less, turn our thermostats down to 50 degrees, starve and wear rags?
Have you folks even considered means testing, eliminating the cap on FICA taxes?
Congress needs to stop worrying about the interest of big business, its lobbyist and their campaign funds.....if they don't want to "Govern" on behalf the American people, they should go, or be sent home.
Sincerely,
DO SOMETHING!
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