Tuesday, March 3, 2015

How to Get Back All the Money the Rich Stole

The next time somebody says that the government doesn't have the money to do something, print out this article, wrap it around a brick and then smack that somebody in the head with it.

There's plenty of money. Trillions of dollars in fact.  Blatantly stolen by the motherfucking rich, who are sitting on it and laughing their asses off at the rest of it.

Let's get it back.

David Sirota:

Roads are crumbling, bridges require repairs, schools need upgrades and public pension systems remain underfunded. How can states and cities find the money to address any of these problems? One way could be through their tax codes.

According to a new report, if the rich paid the same state and local tax rate as the middle class, states and cities would have hundreds of billions of dollars more a year in public revenue.

Last month, the nonpartisan Institute on Taxation and Economic Policy found that the poorest 20 percent of households pay on average more than twice the effective state and local tax rate (10.9 percent) as the richest 1 percent of taxpayers (5.4 percent).

That preceded the new report from the left-leaning groups Good Jobs First and the Keystone Research Center which finds that if tax laws were changed to compel the highest income earners to pay the same rate as everyone else, states and localities would rake in up to $128 billion a year in new revenue. If just the top 1 percent of earners were compelled to pay the typical middle-class tax rate, the report says the change would raise more than $68 billion in new annual revenues.
Join Kentuckians for the Commonwealth on Economic Justice Day at the Capitol. Find your legislators and ask them why Kentucky taxes working people more than the lazy rich (in Kentucky, poors pay 12 percent in state taxes; the rich pay 6 percent.)
Join us on Wednesday for KFTC’s Economic Justice Lobby Day in Frankfort!
We’ll of course be lobbying on bills that have an impact – minimum wage, housing and renters’ rights, tax fairness and revenue that makes sense.
It’s also important that our legislators understand the impact of the wealth gap in Kentucky. So we’ll be doing a demonstration to lift up Kentucky’s income gap to legislators, reminding them of their important role in closing the gap with good economic policy that puts people first.
Meet in the Capitol Annex Room 171 starting at 8:30 a.m.! Wear black if you can, and bring something small that symbolizes what economic stability means to you. Register here to let us know you’re coming!
KFTC’s Economic Justice Lobby Day is Wednesday, March 4, and you can take action today, too!
HB 374 would close some corporate tax loopholes to raise about $66 million in revenue. This revenue would fund a 7.5% state Earned Income Tax Credit, which would help low-income working families become more financially secure. Rep. Jim Wayne is sponsoring the bill, and Speaker Greg Stumbo is the primary cosponsor.
The bill is getting called up in the Appropriations and Revenue Committee on Tuesday at 10 a.m. We need to make sure that the members of that committee have the opportunity to vote on the bill.
Take Action
Call the Legislative Message Line at 1-800-372-7181 (open 7 a.m. to 11 p.m.). Leave a message for your representative, the House Appropriations and Revenue Committee, and House leadership: “I’m another Kentuckian for tax fairness. Please vote yes on HB 374, and send it to the Senate.”
Learn more from the Kentucky Center for Economic Policy:
  • Find a map that shows how your county would benefit from an EITC like the one in HB 374. It’d be great to add a sentence about how many people in your county would benefit from a state EITC in your message above!
  • Find a policy brief about HB 374.

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