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2.10.2003
The Bush Plan seeks to do a very simple thing. Maximize military spending through the war on terrorism, missle defense and the invasion of Iraq. Increase the national debt, to kill govt spending on social programs, transfer wealth to the debt holders. Move as many public assets to private hands, including education, parks, land, health care, medicare, social security and charity. Reduce or eliminate taxation on sources of income that benefit the wealthy; income, dividends, capital gains. Maintain taxation of payroll taxes, or transfer that tax directly to the private sector (aka, privatize retirement, social security, etc) Reduce the means that workers have to battle corporate abuse; tort "reform", underfunded watchdog groups. Undermine worker protections, wages and legal recourse through international trade treaties. ----- When the government spends over $300 billion of defense spending, I cannot even fathom that much money, it does a few things: The corporations get lucrative contracts to build dodads for the DOD. The executives at the corporations get bonuses for their good fortune, they ask for better compensation The stock prices go up and the shareholders make their money, they can buy more stock, own more The executives can cash out some options and make some quick cash, they can buy more, own more In the foreseeable future the government is going to take on debt to finance their gluttonny of military spending then: The wealthy buy the government debt that will be paid for by the taxpayers The interest on the government debt will be paid for out of social spending. If Bush gets his elimination on dividend taxation then: The money that the defense contractors pay to shareholders will be tax free, a direct transfer of wealth to the shareholders. Corporations already have ways of preventing the taxation of corporate income. Usually by stating that they dont make any money. Despite stating to Wall Street that they make more and more money all the time. If Bush can get the drop in income tax rates: What little money that the rich earn from non-interest income will be taxed at a lower rate. Things like outrageous salaries. If Bush gets the elimination of the estate tax: The wealthy will be able to hoard their money and pass it down to their kids so they will become wealthy by birth. What you will see is that government tax money will flow into the treasury from workers who will still pay a higher percentage of their income in taxes. The govt will give that money to corporations, in the form of direct subsidies, government contracts, and tax incentives. Corporations will take their profit and distribute it amongst the shareholders with dividedends and the executives through perks and salary. The wealthy will use their income from the government to buy more stocks, land, businesses. The worker will fund the government through their taxation, they will see reduced wages due to international trade laws and will spend the rest of their money buying subsistence products that benefit the corporations as well. Basically, from a worker point of view, we work for free. We work to pay for a government that transfers the wealth we create to a ruling class that is free of taxation and who reap the overwhelming benefits of corporate wealth production. All of our income is taxed at least three times, income tax, payroll tax, sales tax, and a profit tax to Wall Street, which is essentially a fee to receive the products that the workers create. | |
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