General Discussion
In reply to the discussion: So, Mr President, you state that the funds for this war already exist... Really? [View all]nashville_brook
(20,958 posts)these choices below. now all of a sudden we have money for war...and we're supposed to believe this isn't going to affect US? as if corporations are going to pick up the bill?
this *deficit spending* will force deeper cuts, more privatization and likely push seniors off Social Security.
http://www.americansfortaxfairness.org/tax-tradeoffs/
Medical Research OR Tax Breaks for CEO Pay
Automatic across-the-board spending cuts known as the sequester slashed $1.5 billion from the
2013 budget at the National Institutes of Health, which support research on life-threatening diseases.
Meanwhile, a tax loophole allows huge corporations to duck $2.5 billion in taxes each year by taking tax
deductions for showering their CEOs with stock options.
Unemployment Benefits OR Tax Loopholes for Wall Street Traders
Due to $2.4 billion in across-the-board federal spending cuts this year, Americans who have been
unemployed for a long time have had modest weekly benefits averaging just $289 cut by $43 a week.
Meanwhile, wealthy investors in risky financial products such as derivatives get special tax breaks that cost
$2.9 billion a year.
Head Start for Kids OR Tax Giveaways for Corporate Jets
Head Start, the early childhood education program for disadvantaged children, was cut by $400 million
in 2013, denying services to thousands of kids. On the other end of the economic spectrum, corporations
get a special tax break worth $370 million a year for owning private jets.
Better Education for Kids OR Tax Breaks for Hedge Fund Managers
Federal support for elementary, secondary and special education has plummeted by $1.7 billion this
year. Congress continues to protect the exorbitant incomes of Wall Street titans by taxing many of their
earnings at a low 20 percent rate, rather than applying the top marginal income tax rate that is twice as
high. This carried interest loophole costs $1.7 billion a year.
Help Seniors Get Social Security OR Lower Taxes for Multimillionaires
Funds needed to handle Social Security applications and to process checks have been cut by $286
million, causing significant delays in getting benefits to those who need them. Meanwhile, a provision in
the tax code meant to encourage middle-class families to save for retirement is being used by extremely
wealthy families to shelter tens of millions of dollars. Annual tax break: $388 million.
Food for Low-Income Families OR Tax Subsidies for CEO Bonuses
House Republicans have announced a plan to kick 4 to 6 million Americans off the Supplemental
Nutrition Assistance Program (SNAP), known as Food Stamps. The cuts total $40 billion over 10 years.
While poor kids would get less food, large corporations would continue to get tax deductions when they
give their CEOs lavish performance-based bonuses. That tax loophole costs $50 billion over 10 years.
Protect the Environment OR Give Tax Breaks to Oil Companies
The sequester cut $4.6 billion in 2013 funding for agencies that conduct research and enforce
regulations to protect the environment. But for decades, the tax code has provided special subsidies to
highly profitable oil and gas companies, which cost $4.6 billion a year.
Modernize Our Infrastructure OR Give Tax Breaks to Send Jobs Overseas
Americas infrastructure is crumbling, while other industrial nations continue to modernize. A robust
investment of $464 billion over five years in highways, bridges and other systems would create more than
2.6 million new jobs a year and provide for stronger long-term economic growth. But large corporations
like Apple dodge their responsibility to support Americas infrastructure by hiding billions of dollars in
offshore tax havens. Ending this huge loophole, known as deferral, would raise $606 billion over 10
years.