More generally, people have little specific knowledge of what is happening around them. An academic study that appeared right before the presidential election reports that less than 30 percent of the population was aware of the positions of the candidates on major issues, though 86 percent knew the name of George Bush's dog. The general thrust of propaganda gets through, however. When asked to identify the largest element of the federal budget, less than 1/4 give the correct answer: military spending. Almost half select foreign aid, which barely exists; the second choice is welfare, chosen by 1/3 of the population, who also far overestimate the proportion that goes to Blacks and to child support. And though the question was not asked, virtually none are likely to be aware that `defense spending' is in large measure welfare for the rich. Another result of the study is that more educated sectors are more ignorant--not surprising, since they are the main targets of indoctrination. Bush supporters, who are the best educated, scored lowest overall.
The outright lies and smears mislead Americans in ways that are detrimental to our nation. They are obliged to report the truth. The FCC should take action to promote fair and balanced reporting by news organizations.
A Democratic President and a Republican Congress will be good for the country. Total gridlock will mean special interests will not be able to get any legislation passed, a much better outcome than we have today.
William K. Black, Roosevelt Institute Braintruster and New Deal 2.0 contributor; Associate Professor… of Economics and Law, University of Missouri – Kansas City:
“The fundamental problem with the financial reform bill is that it would not have prevented the current crisis and it will not prevent future crises because it does not address the reason the world is suffering recurrent, intensifying crises. A witches’ brew of deregulation, desupervision, regulatory black holes and perverse executive and professional compensation has created an intensely criminogenic environment that produces epidemics of accounting control fraud that hyper-inflate financial bubbles and cause economic crises. The bill continues unlawful, unprincipled, and dangerous policy of allowing systemically dangerous institutions (SDIs) to play by special rules even when they are insolvent. Indeed, the bill makes a variety of accounting control fraud lawful.” … full article
Surprisingly, Senator Patty Murray has not indicated her support of this legislation. Senator Cantwell is a co-sponsor. Bob Burr, who is running against Senator Murray as a Democrat, has this to say:
Burr stated that ever since Sen. Maria Cantwell and over half of the House Democratic caucus had co-sponsored The Fair Elections Now Act, a first step setting up strict standards for optional public financing, he and others had been pursuing a commitment from Murray to it. “It became increasingly clear that public financing was not even on Patty Murray’s radar screen. She had not even read the proposed legislation. Why should she? She will likely be raising over $12 million this election cycle. A very small percentage of that money will come from donors of S200 or less. The current system works great for her, but not for us.” Burr also believes in term limits. “Patty was a good Senator before she became so entrenched in the system.” Burr has pledged to serve only one term. Not only will he not accept PAC money, he will accept absolutely no money from any source. “I will waste no effort raising funds and will owe no favors, concessions or tax breaks to anyone.”
“Campaign finance reform and other curbs on corporate power are essential to making true progress on the other, greater crises facing America”, said Burr. “The near financial collapse, the bank bailouts, the wanton destruction of the Gulf of Mexico, and the massive exportation of jobs abroad would never have happened if Congress and corporations had not been partners in crime. The killing of a Medicare For All option in favor of a massive handout to health insurers is another sordid, recent example. Financial reform will be a pittance of what is needed. The energy bill will be too little, too late to deal effectively with either peak oil or climate change. The deficits are soaring, yet we are expanding our utterly unwinnable war in Afghanistan--a war that is benefitting nobody but the myriad of government contractors profiting from it. The approval ratings of Congress are at an all-time low for good reason. The voters are angry for good reason. It is time to just say no to the status quo. I offer that alternative.”
Even though Bob Burr has no chance of overtaking Senator Murray in the primary (and this is a big part of why Congress is a dysfunctional government entity), one still wonders why the incumbent Senator would so blatantly favor special interests over the people of Washington by not endorsing a significant proposal to reform campaign finance. After all, the Fair Elections Now Act is voluntary. She can still fundraise all she wants. Oh but if you consider that lobbyists are now Senator Murray’s biggest campaign donors, it all makes sense. Why rock the boat?
Please call Senator Murray and ask her why she is not endorsing the Fair Elections Now Act. Even though we already know why.
Two things are certain in life, death and taxes.Benjamin Franklin
Well Ben, you are right about life and taxes, but you are not correct about death and taxes. If you die in 2010 no matter how big a nest egg you have accumulated there is no estate tax. Nada. And your heirs will receive all of your wealth tax-free.
The fact that so few actually pay the tax and the few that do are the wealthiest among us is what makes the estate tax a great tax. So it is a disgrace that our incompetent and corrupt Congress has allowed this tax to fade away for the year 2010. Especially when you tie that fact to the enormous fiscal deficit spending of the Federal government on unnecessary foreign occupations, misguided bank bailouts, needed assistance for the unemployed and spending to stimulate the domestic economy.
If Warren Buffett were to die this year with an estimated net worth of say $37 billion (his estimated net worth in 2009), his estate would escape about $19 billion in taxes. That is about the same amount as the entire BP oil disaster fund. Do you think it would really matter to his heirs that instead of inheriting say $5 billion they only received $2.5 billion? If it does matter to them, too bad. You would have to spend over $33 million dollars a year or over $90,000 a day over the course of your life (for 75 years) in order to use up an inheritance of $2.5 billion. Do you see why the estate tax is the best tax ever devised by man? And on top of all this, the people who pay the tax are dead so they can’t even complain.
Senators Sanders, Harkin and Whitehouse have introduced the Responsible Estate Tax Act and are looking for cosponsors of the legislation. 99.75% of all estates would be exempt from the tax. That means 99.75% of us would not be effected in any way by re-instituting this tax.
A letter to their colleagues in the Senate is below. Please contact your Senators’ offices asking for their co-sponsorship. Here is how:
Urge Your Senators to Co-Sponsor The Responsible Estate Tax Act, S.3533
Dear Friend of United for a Fair Economy,
Senators Sanders (I-VT), Harkin (D-IA), and Whitehouse (D-RI) have just proposed a strong, fair, and fiscally responsible estate tax bill. The Responsible Estate Tax Act (outlined below) would make the wealthy pay their fair share, while ensuring that the estate tax will not affect the middle class, small businesses, or family farmers. Call your Senators now and urge them to co-sponsor the Sanders/Harkin/Whitehouse Responsible Estate Tax Act S.3533 (pdf) so that we can begin the path towards a fairer and more responsible tax system.
1. Call toll-free 800-830-5738 or 202-224-3121 (Capitol switchboard) and ask to be connected to your two US Senators, or call their direct lines. Then, ask for the staff person who handles taxes, or tell the person who answers the phone:
My name is _____________. I am a constituent.
I am calling to urge the Senator to co-sponsor S.3533 the Sanders/Harkin/Whitehouse Responsible Estate Tax Act .
If we are going to get out of this recession, we need to end the Bush tax cuts for the wealthy. It’s time to restore the progressive tax system that made our country strong, beginning with a robust estate tax. The Sanders/Harkin/Whitehouse The Responsible Estate Tax Act is an important step on the road to an economic recovery that benefits all Americans.
This bill is a common sense solution. It balances the desire to protect small businesses and farms with the assurance that the super-wealthy give back and support the country that made their prosperity possible.
Email me, Lee Farris, at lfarris@faireconomy.org to let me know what you heard and how it went. If you get a reply email or a letter from your legislator, please send me a copy.
2. Write a letter to the editor. Find the editor’s email from the Contact the Media box. Use the talking points above and connect your letter to any story about taxes or deficits. Please send me a copy of the letter you submit.
3. Share this alert with everyone you know. Please forward this email, post it on blogs, Facebook, Twitter, MySpace, and everywhere else you communicate.
Thanks for taking action,
Lee Farris Senior Organizer on Estate Tax Policy United for a Fair Economy 617-423-2148 x133 lfarris@faireconomy.org
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