We need an emergency jobs program now.
Unemployment and underemployment remain at crisis levels. We need jobs—and we need them now. Wall Street has gotten its bailouts. Now it’s past time for Main Street to get some immediate help.
Counties, states and cities are again cutting services; police, fire, health care. And the state has cut k-12 education and higher education and now will cut more if Republicans continue to block tax extension on the rich. These cuts are a direct result of the looting of the economy by finance capital in the economic crisis.
At the same time, GE, Bank of America, Exxon, etc. manages to evade taxes while off-shoring jobs. In a struggling economy, these companies obtain tax refunds, while bringing in billions (GE earned 14.2 billion and received a tax benefit of 3.2 billion). Offshore tax havens, tax loopholes and tax breaks (tax expenditures), allow these corporations to rake in billions while you and I struggle to pay our taxes.
And the shell game goes on –
Taxes have been progressively lowered on the upper 1%, starting with Reagan and continuing to the point where Warren Buffett famously observed that he paid taxes at a lower rate than his secretary. The justification for these cuts, entirely unsupported by evidence, is that jobs are created. In this upward distribution of wealth, 1% of the population tripled their share of after-tax percentage of our nation’s total income from 1980 to 2006, and captured 75% of the economy’s growth between 2002 and 2006 (Buchheit, DePaul University). Meanwhile, the bottom 90% saw their share drop 90%.
It is past time to tax the corporations and the rich. We should collect fair taxes and pay for vital services first; fire, police, schools, health care, etc.