As co-chair of the Congressional Progressive Caucus, I've been pushing all year for real job creation and a government that takes the American peoples' demands for reform seriously. I certainly haven't been alone: the Caucus introduced the People's Budget earlier this year to show how we can create jobs, protect Medicare, Medicaid and Social Security, and fix a tax code that disproportionately favors the wealthy. Last week, we sent our deficit reduction recommendations to everyone's favorite super-committee. I'd like to tell you just a bit about what we're calling for and how we're cutting through the fog of dysfunction in Washington.
The CPC deficit reduction proposal is available online at http://bit.ly/... -- some of the highlights are below. As always, there's more information at the link and at http://cpc.grijalva.house.gov.
Responsibly End the Wars in Iraq and Afghanistan
Responsibly ending the wars in Afghanistan and Iraq will save $1.6 trillion by 2021 relative to the Congressional Budget Office (CBO) baseline.
Realigning Department of Defense Priorities
We propose reducing active duty personnel in each service by 2014, reducing the U.S. nuclear arsenal, ending wasteful missile programs, and fully preserving TRICARE, the military health care program for active and retired personnel and their dependents. This would save $692.2 billion by 2021 relative to the CBO baseline. Relative to higher spending levels in the president’s budget request, our proposals would save $816.7 billion over the next decade.
Ending Bush Tax Cut Giveaways
Lately, our economic and tax policies have focused on benefiting the rich. The Progressive Caucus has long called for ending tax giveaways to the very wealthiest in our society. The CBO estimates an extension of the Bush tax cuts, with the Alternative Minimum Tax indexed for inflation, and an extension of current estate tax rates would add $3.95 trillion to the deficit from 2012-21. We would end these needless giveaways.
Enact the Fairness in Taxation Act
We support passage of Rep. Jan Schakowsky’s (D-Ill.) Fairness in Taxation Act (H.R 1124), which would create several new tax brackets for high-income earners. The bill taxes capital gains and dividend income as ordinary income for taxpayers with income over $1 million. Citizens for Tax Justice (CTJ) estimates that the Fairness in Taxation Act would generate $748.2 billion by 2020.
We also institute a financial crisis responsibility fee on banks with more than $50 billion in assets, end subsidies for the oil, gas and coal industries, reinstate Superfund taxes on polluters, and much more. It's a great plan, and the individual elements couldn't be more popular with the public.
As the Washington Monthly just reported:
CNN asked respondents for their take on each of the ideas in the American Jobs Act [. . .] and every component enjoyed broad support. Indeed, the two most popular ideas were increased taxes on the wealthy (76% support) and aid to states to save public-sector jobs (75% support). [. . .] We can see, for example, what Republicans think about these same ideas, and appreciate the massive disconnect between GOP voters and the GOP lawmakers presumably reflecting their wishes.
This survey found sixty-three percent of
Republicans support "providing federal money to state governments to allow them to hire teachers and first responders." Fifty-six percent of
Republicans support "increasing the taxes paid by people who make more than one million dollars a year." Yet the House majority won't even allow a vote on these simple ideas.
There's no magic wand here. The Progressive Caucus sees our role as providing solutions that people really want and that will really work. We trust the American people to know what kind of country they want to live in, and right now they're wondering -- you're wondering -- why the government doesn't seem responsive to peoples' needs. Well, the CPC is right there with you. We're promoting solutions that level the playing field and end the rigged game that many families are losing. The CPC wants to balance corporate profits with public benefits, the way we used to in this country before greed took over. We agree with you, we're listening to you, and we're doing everything we can to get the rest of Washington to lead by following.
Thanks as always for your support and everything you're doing to make this a better country. It's hard for elected officials to get anything done without public support -- you know that from your time at Daily Kos. The more we're all pulling in the same direction, the more we can get done.
Peace,
Raúl