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November 28, 2009

Name It "The Bush Debt Tax"

-- by Dave Johnson

Christian_Dem_NY, a commenter over at Open Left has an idea,

... Enact a tax that applies ONLY to those that make $250,000 or more per year, and that only raises their top rate to 50% (which was the LOWEST rate under Reagan). Name that tax the "Bush Iraq Debt" tax, and use every penny from that tax to pay down the portion of the national debt that was created by Bush's war (with a built-in "self destruct" feature that makes the tax expire once Bush's war has been fully paid for). The teabaggers and Faux Noise and the rest of the right-wing noise machine will act as though Obama is the second coming of Stalin... but when grassroots Republicans get pissed off about the tax increase, they will look at that name "Bush Iraq Debt" tax and ask themselves: "Whom should I really blame for this tax? The man who spent the money to attack the wrong nation [Bush] or the man who just collected the money to get us out of debt [Obama]?"

This is an excellent idea. People do not know who is responsible for the massive deficits and debt. The Republicans are engineering them toward blaming Obama. So let's tell them in a way that makes a LOT of noise.

Dems in Congress can also submit bills named "Bush Bank Bailout Tax," the "Bush Tax Cut For The Rich Debt Tax," "Republican Borrowing Payoff Tax," "Republicans Moved Factories and Jobs To China And Borrowed Trillions Tax," etc. The Republicans will have a shitstorm and the resulting argument will reach all the way to regular people at the kitchen table.

All it takes is ONE Dem to introduce the bill and start the noise. Alan Grayson, for example?

Posted by Dave Johnson at November 28, 2009 7:30 AM


Comments

The Treasury must refinance $2 Trillion of short term debt this year. Payment is due. The Treasury plans to borrow an additional $1.5 Trillion this year in order to overspend on sundry programs. They must borrow $3.5 Trillion this year.

On the asset side of the ledger, our Federal government has about $.26 Trillion in gold, .06 Trillion in the Strat Oil Reserve, and .18 Trillion in foreign currency.

Assets $.5 Trillion -- Liabilities due to repay this year $3.5 Trillion. We are under water 7 to one.

Yes we will do some Dubai type borrowing. We will borrow to pay for our borrowings... And how will blaming Bush and Obama fix this? it will not.

1. Freeze growth in all Federal Benefit programs
2. Immediately cut 10% of the Federal GS and contract workforce (I am one of them)
3. Double or triple the business tax credit to purchase Manufacturing Equipment
4. Eliminate the corporate tax. Earnings will be reinvested. Dividends will pass through to taxpayers and then on the Treasury.

Only these type actions will save CA and the Federal Treasury. Texas will make it because we drill and have lots of towns that can garden.

Posted by: Mace [TypeKey Profile Page] at November 28, 2009 9:22 AM

What utter neocon tripe. Only a Texas conservative would see the solution to the disaster resulting from 30 years of cutting federal benefit programs, increasing unemployment and cutting taxes as doing more of the same. Just keep digging, we're bound to find that pony.

Posted by: NMRon [TypeKey Profile Page] at November 29, 2009 7:34 AM

NMron-from one ron in nm to another..agreed.
#4 is particularly insulting. Give it away to our corporate masters? Lower taxes on the corporatocracy who have been killing our jobs, dropping our pay and enriching them selves at the same time? I think that is what got us here in the first place. ..If they do business and make all their goods only in the US ok. That leaves...few to none.
Actually if the Corps. would take half the pay of their top ten salaries and apply it to the bottom half of their employees ...well those people wouldn't be hiding it overseas, they would pay taxes. They would buy more stuff.They would retire debt. They wealthy with less income would get what they wanted. With half as much income they would pay less taxes. Win for everyone but the greedy. You'll never see faux populists like beck or palin come up with an idea like this though. Populists they aint!

Posted by: ronspri [TypeKey Profile Page] at November 29, 2009 9:23 AM

Neocon is a cliche in this context. Dave has one solution. Take 9 of every 10 dollars on the margin from those he considers wealthy. That will only appear opinion pieces.

My suggestions are
1. Good stewardship. Don't spend what you don't have
2. Achievable
3. Inevitable.

Why did the majority of Democrats support Ron Paul's bill to audit the Fed? Because they know that the Federal Reserve / Federal Treasury budget are in a death spiral. The Dems are in panic mode.

California proves the case. You had the richest state in the country. You did not dig the wells. You did not plant the vineyards. You, this generation, did not build the infrastructure. You built too large houses on the credit bubble of the fiat currency enabled by the Fed. If overspending and high taxes led to prosperity, CA would lead us out of recession. Instead you make the Ross Perot big sucking sound.

We are at a break point in history. The English Speaking peoples rallied in WW I and defeated the autocratic Austro-Hungarian and Ottoman Empires. Fascism and Communism stepped into that void and we had to defeat Fascism (1945) and restrain the big C (1989). Now we are at another great break point. The Keynesian, fiat currency, economic structure is collapsing and the English speaking peoples, the BRICs (Brazil, Russia etc) and Asian Tigers will lash together a currency structure grounded in some hard assets (gold, oil, even wheat). This may have the affect of further devaluing the highly questionable CA Bonds. Fire works coming.

Posted by: Mace [TypeKey Profile Page] at November 29, 2009 1:21 PM

Isn't Wells Fargo your homie bank? Do they have insight on the CA housing market?

“There is no clear, easy way out for housing,” said John Silvia, chief economist at Wells Fargo. “Contrary to my hopes, housing prices and the housing market in general will weaken again.”

http://globaleconomicanalysis.blogspot.com/

Posted by: Mace [TypeKey Profile Page] at November 29, 2009 1:24 PM

I see a lot of these, "The Democrats should do XYZ" or "Obama should do this that and the other" style posts.

I never see any credible explanation (and almost never even an attempt to explain) why the Democrats are so stupid they can never come up with these great ideas by themselves or even just act on the mountain of good advice offered them so continuously.

Well here's my answer: the reason the Democrats never attack the Republican party effectively is that the Democrats are a fake opposition. Like Wrestling on TV or like the Washington Generals vs the Harlem Globe Trotters.

Now what's your explanation?

Posted by: DavidByron [TypeKey Profile Page] at November 29, 2009 8:21 PM

The Democrats and the Republicans are merely the two wings of one corporate bird of prey.

Posted by: bilejones [TypeKey Profile Page] at November 30, 2009 3:10 PM

Very good idea! The Bushman deserves that. America can prove its superiority not by bullying weaker nations but by guiding the world through peace, progress and prosperity. What Bush gained? Just some oil. What he paid? Not only had the lives of hundreds of American soldiers, not only collected money from American people but also the unending threats of lives & property of thousands

Posted by: Baba Pandey [TypeKey Profile Page] at May 20, 2010 9:03 AM

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