2012: Last Chance for Tax Fairness?

If Barack Obama loses the 2012 election, from 2016 onwards, the Democrats are expected to drop “wealthy pay their fair share” from their economic plan.

I remember the Democrats’ wanting tax rates to be: annual earnings OVER $200,000 pays the year 2000 rates and all income under $200,000 retains the low Year 2010 rates. So if you made $300,000 in a year, $200,000 of what you made gets the low taxes, and $100,000 of what you made gets the high taxes. Regardless of total income in a year, the first $200,000 of what you make gets the low tax rates.

As it was reported at the time, that proposal would have affected the wealthiest 2% of Americans. The proposal was announced to the public, but meanwhile negotiations with the Republicans were underway. The negotiations came to a deal that everyone shook hands on. As President Obama announced “crisis averted,” the Republican Caucus rejected the deal.

Crisis averted?? Part of what was being held up to keep the Bush Tax Cuts completely intact was the annual budget. If it wasn’t approved, the U.S.government would shut down and the U.S. would start defaulting on its loans from overseas governments and other entities. Another thing getting held was the repeal of Don’t Ask, Don’t Tell.

The rejected compromise deal was: higher tax rates are on income over $1 million, to affect the wealthiest 1%. Taxes on all income below $1 million stays the same. Low.

When even that generous compromise deal fell through, Standard & Poor’s lowered the U.S. credit rating, the first time the United States ever had a credit rating lowered. Did not happen even during the Great Depression.

President Obama then made a command decision: to get the Don’t Ask, Don’t Tell repeal passed, he would agree to extend the Bush Tax cuts two more years. He was generously but briefly lauded in the press. Even FOX News had praise for two whole days. Suddenly a large amount of pending agenda got passed through Congress, including the Don’t Ask, Don’t Tell repeal.

The Democrats are campaigning on ending the Bush Tax Cuts one more time, and if they lose, it will likely be the last tax fairness talk from a Democratic Party candidate.

Don’t see many top-tier African American Democrats vying for the Democratic Party nomination for a while either if he loses.

The Progressive movement isn’t going anywhere, however. WE DEMAND: Wealthiest Americans pay the fair share through progressive taxation rates, union organizing and collective bargaining rights, enforce the voting rights act, equality for all Americans – Repeal DOMA, end subsidies to big oil, gas and coal, rebuild our infrastructure, a nationwide network of high speed rail, subsidize and develop green energy – no “clean coal”, a green energy power grid, direct regulation of pollution – no cap and trade, divestment from dictatorships, real Wall Street regulation, break up the big banks.

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