END WEALTHFARE FOR THE RICH!!
"An unusual coalition headed by House Budget Chairman John Kasich is preparing to target U.S. contributions to the International Monetary Fund as part of a sweeping attack on 'corporate welfare.' The broad-based coalition, which includes think tanks and interest groups, has tentatively approved eliminating a dozen programs, saving about $2 billion to $3 billion a year, according to people close to the coalition."
--Jacob M. Schlesinger, The Wall Street Journal, January 17, 1997
To the person who doesn't bother to question party line, the above tidbit from the WSJ would, no doubt, be "proof" that the system works! A whole $3 billion saved by our illustrious leaders! Give Representative Kasich ("Mr. Photo Opportunity") the Golden Kazoo Award for meaningless government gestures! There's way more fat that can be cut!
A minimum of $448 billion is spent on subsidizing the rich -- that's right, welfare for the wealthy, aka, wealthfare. The following is from:
Take the Rich off Welfare
by Mark Zepezauer and Arthur Naiman
by way of the Odonian Press.
It's great to be rich in the US -- the current system of government subsidies ensures that the wealthy get even wealthier at OUR expense. The list below is not all-inclusive; it is only some of the biggest offenders; wealthfare is a growth industry in the US -- there are many more examples. However, the $448 billion here is a nice, fat target for us to home in on!
I will elaborate on each of the following, but it'll take some time, so bear with me!
THE OFFENDERS
- Military Waste and Fraud: $172 billion/year
- Social Security Tax Inequities: $53 billion/year
- Accelerated Depreciation: $37 billion/year
- Lower Taxes on Capital Gains: $37 billion/year, excluding home sales
- The S&L Bailout: $32 billion/year for 30 years
- Homeowners' Tax Breaks: $26 billion/year
- Agribusiness Subsidies: $18 billion/year
- Tax Avoidance by Transnationals: $12 billion/year
- Tax-Free Municipal Bonds: $12 billion/year
- Media Handouts: $8 billion/year
- Excessive Government Pensions: $7.6 billion/year
- Insurance Loopholes: $7.2 billion/year
- Nuclear Subsidies: $7.1 billion/year
- Aviation Subsidies: $5.5 billion/year
- Business Meals and Entertainment: $5.5 billion/year
- Mining Subsidies: $3.5 billion/year
- Oil and Gas Tax Breaks: $2.4 billion/year
- Export Subsidies: $2 billion/year
- Synfuel Tax Credits: $1.2 billion/year
- Timber Subsidies: $426 million/year (excluding tax breaks)
- Ozone Tax Exemptions: $320 million/year
- Miscellaneous: $1.6 billion/year
- Other Wealthfare: billions of dollars
DID YOU KNOW?
- In the 1950s, corporations paid 31% of the government's general revenues -- today, they pay only 15%!
- Since 1977, the wealthy pay nearly half the taxes they did before -- while Social Security taxes (which are paid on incomes below $62,700) have steadily risen!
- Between 1983 and 1989, 99% of the increase in Americans' wealth went to the top 20% of the population, and 62% went to the top 1% of the population!!! Oh, in case you're wondering -- if you or your family made over $2.35 million last year, you're in the top 1%!
- In the US, the total net worth of the top 1% is equal to the total net worth of the bottom 90% of the population!! That means that 2.7 million Americans have as much money as 240 million Americans!
- The wealth of the top 20% has increased, while the wealth of the bottom 80% has decreased.
- From 1980 to 1987, the average net worth of the top 400 richest Americans tripled!
GROUPS TO CONTACT
Here are a few resources for those interested in carrying out direct actions to combat the real welfare fraud in the US!
Alternative Media
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