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Health Care & Environment

07.21 Greta Thunberg: ‘They see us as a threat because we’re having an impact’ [We love a sane smarty-pants! Trump, you won't understand any of this, so just go off and tweet or chant, or whatever...]

07.20 Until Emissions Drop, Nothing Has Been Accomplished: The Climate Resistance Handbook Is Here. [Trump can't be bothered as the world turns into a large cinder. His laser focus is on personal greed.]

07.20 Cargo ships are emitting boatloads of carbon, and nobody wants to take the blame [1:19 video; Governments must commission to fight deadly shipping emissions, previously omitted in climate summit agreements....]

07.20 Babies Born Near Oil and Gas Wells Are Up to 70% More Likely to Have Congenital Heart Defects, New Study Shows

07.20 Giving 'Upper Hand to Corporate Polluters,' EPA Drops Surprise Inspections

07.20 With Petition to Congress, 100,000+ People Demand Green New Deal 'That Fixes Our Food System' [Realtime proactive response to reality—now and threatening—doesn't get attention in this greed focused administration]

07.19 Trump administration won't ban pesticide tied to childhood brain damage [There is no truth to the persistent rumor that chlorpyrifos pesticide was heavily used at Trump's childhood home in Queens]

07.19 'Unprecedented' Decline of Plants and Animals as Global 'Red List' Reveals Nearly One-Third of Assessed Species Under Threat

07.17 ‘Off-the-charts’ heat to affect millions in U.S. in coming decades

07.17 Planned Parenthood president Leana Wen forced out by board [Given that states have lost abortion rights on political grounds recently, Wen's philosophical approach to protect abortion rights based on ‘health care’ was smarter – therefore it was that smarter strategy that was killed at the secret meeting.]

07.17 Billions of air pollution particles found in hearts of city dwellers

07.17 What is happening in America's Cancertown is tragic, immoral and evil [Niggardly white government policies could change to produce better students, better jobs and net revenue instead of costs. But it seems they enjoy more cruelty—like Trump.]

07.16 US aid cuts to UN agency will hurt vulnerable women and children, critics say

07.16 Trump abortion restrictions in effect for taxpayer-funded clinics

07.15 The response to DRC’s Ebola crisis isn’t working. Here’s what we need to do

07.15 Extinction Rebellion protests block traffic in five UK cities [Non-corporate human animals make their annoying bleating sounds...]

07.14 A Glacier the Size of Florida Is Becoming Unstable. It Has Dire Implications for Global Sea Levels [The willfully ignorant needn't read more, Trump]

News Media Matters

07.19 Fox News’s star names excuse the inexcusable after Trump's latest racist attack

07.18 In Sinclair's New 'Must-Run' Segment, Former Trump Adviser Tries to Defend Racist Attacks on 'the Squad'

Daily: FAIR Blog
The Daily Howler

US Politics, Policy & 'Culture'

07.21 Of course Donald Trump is a racist – and his Wall Street enablers know it

07.21 A court ruled it was legal for guards to strip search female inmates and force them to remove their tampons in front of male officers for a 'training exercise' [The frequency and degree of immorality and degradation being reported in the media is very disturbing, as if society has been reprogrammed overnight to be more like the worst behavior of Nazi Germany]

07.21 THE DEMOCRATIC PARTY IS GETTING CRUSHED IN FUNDRAISING: “THEY NEED TO GET THEIR SHIT TOGETHER” [Since so-called moderate Democrats will prostitute themselves in many conceivable ways (offering that special quid pro quo) they have effectively become competitively ANTI-PUBLIC, like Republicans. Whereas progressive Democrats must promise not to take corporate donations at all as an effective litmus-test. The DNC refuses to raise funds for moderate and progressives separately, and thus donations fall short. Which is it to be: 1) Will the DNC change? or 2) Must progressive Democrats become corporate whores too? or 3) Maybe you don't need corporate contributions at all if your policies are fantastic?]

07.21 State and Local Taxes Are Worsening Inequality

07.21 State and Local Taxes Are Worsening Inequality

07.21 We're no longer in Brave New World. We're back in 1984. [1:35 video; Our despicable President is at it again]

07.21 BALTIMORE'S FILTHIEST HOODS [7:38 video. Ask your governments, why are our cities so much worse than Europe's? Why is our healthcare worse and so much more expensive? And why are our Billionaires so much richer? Ask if those results of bad government are all related, and why? Are they all caused by a power-elite with greed-obsessed immorality?]

07.21 Nancy Pelosi's Dem Socialist Challenger Shahid Buttar: "We're Gonna Win" | Full Interview [5:43 video]

07.21 Jon Stewart goes viral excoriating Rand Paul after blocking vote [9:02 video]

07.21 Nicolle Wallace Refuses to Broadcast Trump Live [5:43 video]

07.21 Sassy Bernie Sanders Sh*ts on Jeff Bezos on His Home Turf... Numerous Times [17:22 video]

07.20 Puerto Rico: top US politicians join chorus calling for governor's resignation

07.20 Fact check: Trump says Puerto Rico got $92 billion. They've seen only a fraction [If he opens his mouth, Trump's lying.]

07.20 "Trump Says Go Home, Ilhan's Community Says Welcome Home": Rep. Omar Greeted With Cheers of Love and Support in Return to Minnesota

07.20 WATCH: Amid Extreme Anti-Refugee Push, Trump Displays Neither Interest Nor Knowledge of Asylum Seekers' Plight in Oval Office Meeting

07.20 Trump Denies Being at North Carolina Rally [Not sure if Trump supporters 'get' satire, but here goes....]

07.19 Are progressives working on a climate plan for 2021? You bet.

07.19 House Democrats demand Hope Hicks clarify testimony after Cohen document dump

07.19 The 51 most outrageous lines from Donald Trump's repugnant North Carolina rally

07.19 The Real Meaning of ‘Send Her Back!’

07.18 Alexandria Ocasio-Cortez on Breaking up Homeland Security

Justice Matters

07.19 UN urged to act over 'purge' of Turkey's lawyers by Erdogan

07.19 DOJ Releases Strong Evidence of Trump’s Campaign Finance Violations But No Explanation of No Charges [The statement]

High Crimes vs. Human Rights

07.19 Conscientious objectors of first world war – their untold tales [The record proves they were morally right by avoiding violent early deaths of their cousins and themselves]

Economics & Corrupt Capitalism

07.18 Corporate tax cuts blocked at least 15,000 affordable homes in California. Here’s how

International & Futurism

07.21 Millions face hardship as Zimbabwe comes close to ‘meltdown’

07.21 Spain set for socialist-led government after Iglesias deal [Some loaded drama going on here...]

07.20 US to deploy troops to Saudi Arabia in face of 'credible' regional threats [Working with Osama bin Laden's godfathers, Trump wants to profit like Erik Prince (for-profit education secretary Betsy DeVos' brother) of Blackwater infamy (hurriedly renamed ‘Academi’), the U.S. taxpayer to pay inflated costs while Trump siphons off long-term emolument largesse]

07.20 Iran on 'dangerous path' with seizure of Stena Impero, says UK [Which is this, a tit or a tat?]

07.20 'Dark satanic mills': Tony Abbott continues his crusade against wind turbines [Too much CO2 air pollution makes you stupid, and turns your country into an “Idiocracy” (1:36 video clip)]

07.20 Bolsonaro declares 'the Amazon is ours' and calls deforestation data 'lies' [Lazy and willfully stupid whenever it serves his purpose, just like Trump. “And the rest of you can all go to hell.” Again, just like Trump. Has your country turned into an “Idiocracy”? (1:36 video clip)]

07.19 U.N.'s Bachelet says Congresswomen opposing Trump are 'fantastic'

07.19 Iran makes 'substantial' nuclear offer in return for US lifting sanctions [Was barbaric Saudi Arabia—whose citizens were more involved in the 9-11 attacks—the wrong ally all along?]

07.19 “The Task Ahead Is Enormous, and There Is Not Much Time” [Read this and learn. Or read Donald J. Trump (@realDonaldTrump) | Twitter and/or President Trump (@POTUS) | Twitter. Are you serious? Or are you in hideously criminal denial?]

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  Reagan's Way to Pay for Health Care

ECONOMIC ISSUES:

Reagan’s Way to Pay for Health Care

by Gerald E. Scorse
Returning to an equal-tax policy—taxing long-term capital gains at the same rate as taxes on earned income—could nearly pay for the health care bill all by itself.

"Afiscal Frankenstein”; so said Rep. Paul Ryan (R-WI) about the health care bill just passed by the Congress. Soulmate Republicans echoed his warning, predicting budgetary doom.

But GOP legislators who cry fiscal wolf are twice trapped. For eight years, they aided and abetted as President Bush turned a budget surplus into a $1.2 trillion deficit. Worse, an inconvenient truth has inconveniently turned up: a tax policy passed by right-wing icon Ronald Reagan could pay for Barack Obama’s health care reform.

The policy is equal taxes on income from wealth and income from work, and it was a key part of Reagan’s Tax Reform Act of 1986. The Act raised the tax on long term capital gains and set the rate the same as that on earned income.

Returning to an equal-tax policy could nearly pay for the health care bill. This simple fact was buried in the 2008 capital gains data released early this month by the Internal Revenue Service. Here are the numbers from a Bloomberg report:

“The [IRS] data show that 11.2 million tax returns out of 142.4 million filed last year reported $447 billion from capital gains. Most of that income, $363.3 billion, was earned by 964,160 households reporting overall income of $250,000 or more.” That $447 billion in gains, the article noted, was down 40 percent from the $749 billion racked up in 2007.

Now for some tax arithmetic. At the current 15 percent levy on long-term gains, the Treasury would have realized $67 billion on the gains for 2008. By comparison, if taxes had been paid at the top ordinary income rates of 33 percent and 35 percent, the Treasury’s take would have risen to more than $150 billion. The difference between the two figures is $83 billion—not far from the new Congressional Budget Office estimate of $94 billion a year for the health care bill. Using the IRS’s gains figure for 2007, and performing the same exercise, the difference would have approached $150 billion.

To be sure, the IRS figures do not indicate what portion of the reported capital gains was long-term (taxed at 15 percent) or short-term (taxed the same as other income). Nonetheless, especially for Blue Dog Democrats and other fiscal hawks, the message is compelling: look hard at Reagan’s tax equity policy.

The Tax Code was taken in the opposite direction long ago. President Clinton lowered the rate on long-term gains to 20 percent. President Bush cut it to 15 percent, little more than half what middle-class Americans pay on their wages. The Bush tax cuts are due to expire the end of this year, returning the capital gains rate to 20 percent. In addition—with fiscal strain ahead, and with Reagan guarding his back—President Obama should map out our return to the equal-tax path.

You can see how Reagan got there by looking into the reason that’s always given for low capital gains taxes—the claim that buying stocks drives the economy, growing new businesses and new jobs. Nice try, but The Gipper saw through it.

Only a trace amount of all the trading on Wall Street grows anything. Small companies with big dreams raise seed money through initial public offerings (IPOs) and secondary offerings. These investments deserve a bigger tax break than they get now; there’s a strong case for making them tax-free. All other stock market gains should be taxed the same as wages (which they were, back when).

Doing so again would raise the cry that the rich were being hosed to pay for health care. On the contrary: tax equity penalizes nobody—on top of which, America’s taxpayers will never recover the hundreds of billions in restored tax breaks that Reagan, citing fairness, tried to end. How to pay for health care reform? It could be as simple as once more levying equal taxes on capital gains and other income. It’s only fair (and Reaganesque).


Copyright 2010 Gerald E. Scorse. Gerald E. Scorse helped pass a bill that tightens the rules for reporting capital gains.* He is a member of Responsible Wealth, an advocacy group for economic fairness.

*”The basis reporting legislation follows years of hard work by Prof. Jay Soled of Rutgers University, Prof. Joseph M. Dodge of Florida State University, and more recently...Gerald E. Scorse, who read about the work of the two professors and decided to make this reform his cause.” – Excerpt from David Cay Johnston’s "Tax Notes" column of 10/13/2008.



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This story was published in the Baltimore Chronicle on April 25, 2010.

 

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