Tax time is reason enough to reflect on our budgets, personal and national. How realistic are our expenditures? Do we spend more than we earn? Does our income allow for a few irrational indulgences? Do discretionary dollars exist? Might we consider our ample debt. Does this represent a temporary deficit, easily resolved, or an obligation that cannot be paid promptly. We may wish to rethink our reality. At home, families have taken scissors to credit cards. More than the minimum payment is made. The intention is to lessen liabilities and increase savings. In the month of April, after we pay Uncle Sam, most of us concluded, it is time to clean our own fiscal house. Next, we move to the nation's ledger.
Expenses The largest share of our moneys go to military operations. The terror tax has become a tremendous burden of American household and communities. Yet, few wish to rethink this "duty."
The mail arrived. It was from MoveOn.org. Overwhelmed with work, I thought to delete it. I noticed the surname of the sender was the same as a friend of mine. Only that [cosmic] coincidence led me to open the message and peruse. I read Daniel Mintz's words with interest, for he spoke of what I miss in the news. Mister Mintz did not focus on the folly of a few executives at American International Group, Incorporated (AIG). The representative from MoveOn offered what is more real to me, an average American.
As we've seen with AIG this week, the powerful don't give up their special treatment without a fight. They're spending millions on lobbyists to quietly kill the provisions that would make them help pay for America's priorities. 1 And despite all the posturing in Congress over AIG's bonuses, too many senators are still listening to the banking and insurance lobbyists on the issues that aren't in the headlines.
So we need to speak louder than the lobbyists . . .
Today's Washington Post calls it "a populist budget" 2 because it cuts taxes for most Americans while ending unfair tax advantages for the richest among us. The best part is that it takes all the money we'll save and invests it in critical national priorities that will help build and strengthen the middle class.
Obama's budget gives tax breaks to working families instead of CEOs. And it closes the tax loopholes for special interests that cost us billions, like:
The loophole that lets companies take tax breaks for sending jobs overseas. This will save us more than $200 billion over the next decade. 3
The loophole that lets hedge fund managers pay a 15% tax rate on their income, instead of regular income tax like the rest of us. That will save us more than $20 billion. 4
The loophole for big oil companies that gives them huge tax breaks even when they're posting record profits, saving us more than $30 billion over the next decade. 5
The loophole that gives the richest Americans bigger tax breaks for their deductions. Right now, a teacher who contributes $1,000 to the Red Cross gets a $150 tax break. A Wall Street executive making the same contribution gets a $350 tax break. 6
Quality references were offered for each claim. Research for me is more real than rhetoric. Almost as an automaton might, as I read, I reached for the telephone. I smiled at the thought that I might respond as directed. I called my Senator in Washington, District of Columbia.
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