Another timely missive from Prairie2.
:toast:
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State and local governments shed 30,000 jobs in February bringing the total to 450,000 since 2008. Governor Walker of Wisconsin is threatening to layoff 1500 workers next month if Democrats don’t give into his threats. His budget if adopted will cut 21,000 jobs to pay for massive tax cuts for the rich and corporations including total elimination of capital gains tax.
Capital gains tax cuts are a favorite of so-called capitalists who make money with money which allows hedge-fund managers to pay a top Federal rate of 15%. The top 25 fund managers took home an average of a billion each in 2009. This also works for corporate executives who take the bulk of their compensation in stock. No capital gains tax also encourages small and medium business to sell out to the big monopolies as they won‘t be taxed, this also drives the leveraged buyout business that buy companies and sell the assets to China and leave the shell of the company with the debt.
This is why tax revenue is at a fifty year low, if we merely returned to the good old days of Bill Clinton’s tax collection levels we would be again be running huge surpluses. Every Republican that stands up and says we have to do away with pensions, slash wages, cut benefits and do away with all safety net programs because “we are broke” is lying and he knows it. Everybody but them is broke, it’s like the small town bank that is broke after a visit from the James gang and then Jesse James lectures the town on the need for austerity.
Governor Walker can’t go out in public in Wisconsin without being booed and can’t get a seat in a restaurant. The towns folk are tired of being robbed.
http://www.prairie2.com/2011/03/jesse-james-cant-get-seat-in-restaurant.html