Thursday, August 5, 2010

The Republican Party Sinks to a New Low

Just when I think I've seen it all, just when I think I've finally understood the depths of greed and depravity to which the Republican party has sunk, they hit me with a new one- something so contemptible and so criminal that it is hard to believe that this is what our country has become.

Finally, after months of fervent expectation, the Republicans have introduced their great plan to return our country to economic stability- the Economic Freedom Act of 2010! I know you will all be thrilled to learn the details of their carefully crafted legislation, so let's dive right in. If you can't believe that this isn't some sort of sick joke, or if you want to read the whole thing, you can look here. But let's hit the highlights:

"HR 5029 IH

111th CONGRESS

2d Session

H. R. 5029

To amend the Internal Revenue Code of 1986 to allow the private sector to create robust levels of economic growth.

SEC. 2. ZERO PERCENT CAPITAL GAINS RATE FOR INDIVIDUALS AND CORPORATIONS.

(a) Zero Percent Capital Gains Rate for Individuals-
(b) Zero Percent Capital Gains Rate for Corporations-

‘(2) DIVIDENDS TAXED AT NET CAPITAL GAIN- Except as otherwise provided in this section, the term ‘net capital gain’ has the meaning given such term in section 1(h)(11)."

Yes, you read that right. The first major part of the Republican plan is to entirely eliminate income tax on capital gains and dividends- the income of the rich. Apparently, these people have no responsibility whatever to contribute to the maintenance of our country. The preposterous criminality and irresponsibility of this proposal takes my breath away.

"SEC. 3. REDUCTION IN CORPORATE INCOME TAX RATES.

(a) In General- Subsection (b) of section 11 of the Internal Revenue Code of 1986 is amended to read as follows:

‘(b) Amount of Tax- The amount of the tax imposed by subsection (a) shall be 12.5 percent of taxable income."

Corporate taxation, which amounted to 40% of taxes in 1950, is already, thanks to Republicans, down to barely over 10%. But no, that's not enough for them- let's just give the rich another huge payout, funded by all of the rest of us, by cutting the corporate tax rate from its current pathetic 15%. That will really help. No, really, they will just take the money and create a whole bunch of new jobs, the same way they did with Bush's giveaways to the rich.

"SEC. 4. ESTATE TAX REPEAL MADE PERMANENT."

I don't think I even need to comment on this one.

"ELECTION TO EXPENSE CERTAIN DEPRECIABLE BUSINESS ASSETS.

‘(a) Treatment as Expenses- A taxpayer may elect to treat the cost of any property to which this section applies as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which such property is placed in service.

‘(1) IN GENERAL- This section shall apply to property... which is acquired by purchase for use in the active conduct of a trade or business."

I.e. another way to see that corporations get another huge tax cut.

"SEC. 6. PAYROLL TAX DECREASE FOR 2010.

(a) Employees- Section 3101 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

‘(d) Reduction in Tax Rate for 2010- In the case of wages received during calendar year 2010--

‘(1) subsection (a) shall be applied by substituting ‘3.1 percent’ for ‘6.2 percent’ in the table contained therein, and

‘(2) subsection (b) shall be applied by substituting ‘0.725 percent’ for ‘1.45 percent’ in paragraph (6) thereof."

Remember that payroll taxes pay for unemployment compensation. So this one not only is a gigantic giveaway to the rich, it shafts all of the rest of us in the process. This is a true classic of Republican economic policy.

"SEC. 7. RESCISSION AND REPEAL IN ARRA.

(a) Rescission- Of the discretionary appropriations made available in division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5), all unobligated balances are rescinded.

(b) Repeal- Subtitles B and C of title II and titles III through VII of division B of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5) are repealed.

SEC. 9. REQUIRING THE SALE OF STOCK AND WARRANTS RECEIVED UNDER TARP.

Not later than the end of the 1-year period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall sell all stock and warrants acquired by the Secretary under the Troubled Asset Relief Program under title I of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.)"

These sections totally shut down the stimulus, which is all that has saved us from a true depression.



Well there it is- the only answer the Republican party has had for any problem, for decades- trillions in giveaways to the rich.

Steny Hoyer says that analysis of this bill indicates that it will triple the Federal budget deficit by 2015, but these disgusting criminals don't care. They are serving their rich masters, whose goal is to plunder every penny of wealth in the country, and leave the rest of us no better off than any third world peasant grubbing for enough to stay alive. This is their goal, and through the billions they can spend to spread their lying propaganda they are likely to achieve it; and with the collaboration of the mainstream press, turned over to multinational corporations by Ronald Reagan, they may well be poised to convince enough of the stupid, gullible voters in this country to buy into an economic theory that almost destroyed our economy just two years ago.

I repeat something I have said many times: Every Republican, every single one of them, is nothing but a criminal. The entire party is nothing but a criminal conspiracy, and it is well on its way to destroying the United States.

16 comments:

Anonymous said...

they're just keeping what was theirs to begin with.

Green Eagle said...

I'm really not sure if:

A. That was a joke

B. You are a really stupid and morally corrupt human being

or

C. You are a troll.

Care to enlighten us?

tnlib said...

Well, I'm not a troll, but the GOP yahoos are really out to destroy the country for their own gains. Of course, if they succeed in destroying the country they won't gain a damn thing.

Silverfiddle said...

Criminal is confiscating money from people and giving it to others.

Also, you do realize that pension funds of ordinary, non-rich people also invest in securities and must pay these taxes, right?

Level of taxation is a legitimate point of debate, but calling people criminal is a little over the top, but it's your blog...

Green Eagle said...

"Criminal is confiscating money from people and giving it to others."

Every Democratic state is a net contributor to the Federal government. Every Republican state except Texas is a net receiver. California, for example, gives over twice its budget deficit every year to support Republican states.

What is criminal is that all of you would sink into poverty if you didn't steal the money to survive from Democrats, while you scream at us for not being fiscally responsible. It is the liberals who drive the economic engine of this country; Republicans are nothing but parasites, and the biggest parasites of all are the people who think they have a right to get rich in our economic system without paying a penny to keep it alive.

Anonymous said...

Taxation has risen steadily over the decades despite efforts to lower them; endless regulations control every facet of life; poor people are increasingly dependent on government; hard-working people are taxed more and more; overzealous environmental regulations crush businesses and drive them abroad; and labor unions confront the companies that employ them day after day, and eventually kill millions of jobs and trillions in wealth.
And while these poor people certainly do not lead glamorous lives, their occupation represents their freedom, just as a low-income person in America may wash windows or perform some other service like cutting grass. It is what he has in order to create wealth for himself. And thus it is good. He works, he has something to think about, he has something to care about.

Many of the ultra-rich in America today are card-carrying Democrats. The richest people in the United State Senate are all Democrats. And Democrats now represent in Congress much more than half of all “rich” districts and states.
Consider the black inner cities of America – New York, Chicago, Detroit, Los Angeles, etc. -- that include tens of millions of citizens. Who controls these areas with an iron grip?

The Democrat party does, that’s who.

Why is the unemployment rate, dependence on food stamps and other government handouts, the poverty rate and the murder rate always much higher in these areas than elsewhere in the nation?

Because the Democrats have crafted policies that insure that they are going to be higher.

Prosperity is a good thing. It lifts all people up. Conservatives always have favored policies that promote prosperity. And one of the byproducts of prosperity is materialism, which is the placing of material wealth above all other forms of human striving.

The good conservative person, however, strives to make himself/herself better; strives to make the world better through his/her contributions; and shuns excessive material wealth in favor of a higher spiritual level of living where one truly is making the world better not by “letting the government help people” (the socialist way), but by building homes and churches and powerplants and furniture and cars to give people a better life. It’s called productivity.

Silverfiddle said...

Green Eagle. You could be right, but I'd like to see your source please.

If you are indeed right, then you just made my case for the downside of "spreadin' it around."

How is taking money from one state and giving it to another right? It's not.

Again, please provide a source.

Green Eagle said...

"Taxation has risen steadily over the decades despite efforts to lower them"

This is, of course, false. Taxation on all but the very well to do is at its lowest level since Harry Truman was president.

"endless regulations control every facet of life"

And these regulations are the result of endless criminality on the part of the rich and their companies. Ronald Reagan and George Bush just gave us a real lesson in what happens without those regulations.

"overzealous environmental regulations crush businesses and drive them abroad"

There is absolutely no evidence for that claim other than whining complaints from rich people who will say anything to sate their greed.

"labor unions confront the companies that employ them day after day, and eventually kill millions of jobs and trillions in wealth."

Yeah, by fighting for the forty hour week, for medical benefits and for safety and decent treatment in the workplace.

Businesses that can only survive by mistreating their workers have no right to exist. Without labor unions we would all have deteriorated to the state of residents of central American dictatorships; but given your attitudes maybe that sounds good to you.

What's more, anonymous, you know all of this. You are a willing tool of people that are content to destroy you without a second thought.

Green Eagle said...

Silverfiddle,

My contention is an easily documented fact, and I do have the proof at home. Unfortunately, as I am currently working on a TV show in Atlanta, I can't get to it right now. I promise you that, when I return home some months from now, I will return to this issue and provide you with any amount of proof that you could want.

Silverfiddle said...

OK. I just went out and found the study.

The implication is red staters are welfare bums, but that's not the whole story.

Take Wyoming: Military installation and Yellowstone account for much of the federal spending there. Same with Texas or any state with more than its share of federal government facilities.

The author himself also posits that the blue states are higher cost of living, driving wages higher, so those people naturally will pay more income taxes since they make more.

The author also points to farm subsidies (which I am opposed to).

Also, those recipient states are full of fixed-income retirees escaping the high cost coasts. Receiving social security or a government pension is not mooching.

So it's a great liberal soundbite, but as usual, there's more to the story.

Shaw Kenawe said...

Indeed, red states receive more than they give. Blue states give more than they get.

Here are a number of sites that explain it all for SF.

Silverfiddle said...

I've been there, Shaw. It's just a liberal bullshit echo chamber.

I also downloaded the source data, and I'm still analyzing it, some
thing liberals apparently don't do.

Moocher states have more: Miles of federal highways, retirees, military bases, and higher wages due to higher cost of living.

Statistics aren't everything, my progressive statist friends.

Do your homework! I'm tired of doing it for you!

mastercynic said...

All this discussion is interesting, but it doesn't address the fact that the substance of this bill is outrageous. But I'm sure it will be presented as relief for small businesses and the middle class - the 2 groups it is most likely to harm

Green Eagle said...

Mastercynic, a very pertinent comment.

You know, things like this are so preposterous and so malicious that it is really hard to find an appropriate way to respond.

One of our two major political parties is actually proposing actions which would utterly destroy our country, and that seems okay to them compared to letting the other party do what it was elected to do. As bad as the Republicans are, I never thought it could sink to this level.

mastercynic said...

Maybe it's the rather rule in hell syndrome...

Anonymous said...

"This is, of course, false. Taxation on all but the very well to do is at its lowest level since Harry Truman was president."

-why did you pick Truman?, when you add that cavat yes it does make the arguement false.

"endless criminality"
-this is what's called an 'availability cascade, in this case also a simplistic 'negative proof fallacy'.

"There is absolutely no evidence for that claim other than whining complaints from rich people who will say anything to sate their greed"
- congragulations you're the first reccesion denier.

"Yeah, by fighting for the forty hour week, for medical benefits and for safety and decent treatment in the workplace."
-sounds like heaven, geez we get paid too?

"Businesses that can only survive by mistreating their workers have no right to exist."
- In life you have to try on some clothes before you find some that fit well. Unions should push their agendas, this does not negate the reality of rising costs. Don't explote the working man by latching on either please.

"What's more, anonymous, you know all of this. You are a willing tool of people that are content to destroy you without a second thought."

-I am content to be destroyed, as I will be eventually. Fear is the determinant, of which you have an abundance.