Beaver County Blue

Progressive Democrats of America – PA 12th CD Chapter

Archive for the ‘Tax Policy’ Category

Trump Offers Fool’s Gold to Fund Infrastructure

Posted by carldavidson on June 10, 2017

Leo W. Gerard By Leo W. Gerard

USW International President

Via USW Blog

June 9, 2017 – Donald Trump surrounds himself in gold. The signs on Trump buildings shimmer in it. His penthouse in New York is gilded in it.

He claims now to have found the alchemy to conjure $1 trillion in infrastructure gold. He plans to put up a mere $200 billion in federal funds and stir it together with $800 billion in private investment and state dollars.

That is fool’s gold. A falsely-funded infrastructure program is a massive broken promise. America needs real improvements to roads, bridges, schools, hospitals, airports, water systems and railways. That requires a commitment of real tax dollars, not the relinquishment of America’s public assets to profit-seeking private Wall Street entities. Americans should not be charged twice for maintenance of the public good, once through tax breaks to investors and again in outrageous tolls and fees the investors charge.

On Wednesday, standing on the banks of the Ohio River in Cincinnati, Trump reiterated the pledge he made repeatedly on the campaign trail to put $1 trillion into infrastructure. He said “restoring America” is a promise that Washington, D.C., has broken. “It has not been kept, but we are going to keep it,” he said.

“Taxpayers deserve the best results for their investment,” he said, “and I will be sure that is what they get.” But the plan to turn over public assets to private corporations for tax-supported investment is gold only for the 1 percent who can afford to invest.

The Wall Street Journal reported last fall that to raise the private funds, Trump planned to give massive tax breaks of 82 percent of equity to investors that help pay for infrastructure repair. For citizens, that’s a crappy deal – giving Wall Street control over public assets in addition to being forced to fork over the taxes that rich investors will not pay.

That financial alchemy creates poison, not gold.

In addition, there is no profit in many types of infrastructure that need repair, like schools and hospitals. A corporation can’t collect tolls from children entering their elementary school each morning.

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Posted in Economy, Infrastructure, Tax Policy | Leave a Comment »

Progressive Caucus to the GOP: Potential Extension Of Tax Cuts Leaves Out Middle Class, Hurts Climate

Posted by carldavidson on November 29, 2014

By Congressional Progressive Caucus

  WASHINGTON, DC – Representatives Raúl Grijalva (D-AZ) and Keith Ellison (D-MN), co-chairs of the Congressional Progressive Caucus (CPC), released the following statement in response to a reported agreement in Congress on extending certain tax breaks.

The provisions that are included in the deal, such as permanent extension of tax breaks for corporate research and continued fossil fuel subsidies, will add nearly $450 billion to our budget deficit while providing little relief to the middle class and phasing out renewable energy credits.

“The tax extension package will once again be a boon for corporate profits while largely leaving out middle-class and low-income families who are struggling just to get by. If we can find hundreds of billions of taxpayer dollars to make corporate tax breaks permanent, we should be able to help those struggling to find work. We should be making permanent those tax breaks that help working families without adding restrictions that exclude children in need.  This deal is a permanent step backwards for those who think we have a system that is rigged in favor of the wealthy.”

Posted in Congressional Progressive Caucus, Tax Policy | Leave a Comment »

Progressive ‘Back to Work’ Budget Wins Praise for Anti-Austerity Approach

Posted by carldavidson on March 14, 2013

‘A reminder that we don’t need to cut teachers and school lunches when we can eliminate wasteful giveaways to fossil fuel corporations.’  Watch Rep. Keith Ellison introduce the budget here:

By Jon Queally 
Beaver County Blue via CommonDreams.org

March 14, 2013 – In the midst of ongoing hysteria about a ‘non-existent deficit crisis’ in Washington, the Congressional Progressive Caucus on Wednesday unveiled an alternative approach to destructive austerity economics by releasing their ‘Back to Work Budget’ plan for 2014.

Pushing back specifically on the dominant talking point of inside-the-Beltway elites, the budget challenges the idea that cutting programs, reducing corporate tax rates, and slashing investments is a pathway to economic prosperity. Its proponents argue the US does not have "a deficit crisis"—as those pushing for steep cuts suggest—but rather, "a jobs crisis."

Presented by CPC co-chairs Reps. Raúl M. Grijalva and Keith Ellison and backed by members of the caucus’ Budget Task force—Reps. Jim McDermott, Jan Schakowsky, Barbara Lee and Mark Pocan—the plan describes how smart investments, not deep cuts to key programs, would create almost 7 million jobs over the first year of its implementation.

“Americans face a choice,” Grijalva and Ellison said. “We can either cut Medicare benefits to pay for more tax breaks for millionaires and billionaires, or we can close outdated tax loopholes and invest in jobs. We choose investment.”

They continue:

    The Back to Work Budget invests in America’s future because the best way to reduce our long-term deficit is to put America back to work. In the first year alone, we create nearly 7 million American jobs and increase GDP by 5.7%. We reduce unemployment to near 5% in three years with a jobs plan that includes repairing our nation’s roads and bridges, and putting the teachers, cops and firefighters who have borne the brunt of our economic downturn back to work. We reduce the deficit by $4.4 trillion by closing tax loopholes and asking the wealthy to pay a fair share. We repeal the arbitrary sequester and the Budget Control Act that are damaging the economy, and strengthen Medicare and Medicaid, which provide high quality, low-cost medical coverage to millions of Americans when they need it most. This is what the country voted for in November. It’s time we side with America’s middle class and invest in their future.

Received as a breath of fresh air of economic sanity, the plan was praised by a variety of individuals and groups.

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Posted in budget crisis, Democrats, Economy, GOP, Infrastructure, Tax Policy, Wall Street | Tagged: | 2 Comments »

 
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