Wednesday, March 12, 2014
The Better Off Budget
The Congressional Progressive Caucus has come out with its new budget. Budgets are moral documents reflecting one's values, what one is willing to spend on and what cuts should be made. This budget is more in alignment with my morals and values. A brief two-page summary is here, and a more detailed description here. A few items from the former follow.
Implements a new Hard Work Tax Credit for households earning less than $150,000. Returns to Clinton tax rates for households making over $250,000 and implements new brackets for those making over $1 million. Equalizes tax rates for investment income and income from a hard day’s work.
Eliminates the ability of U.S. corporations to defer taxes on offshore profits. Enacts a
Financial Transaction tax on various financial market transactions. Implements Chairman Dave Camp’s financial institution excise tax.
Protects and strengthens Medicare and Medicaid without cutting benefits for seniors. Builds on Affordable Care Act savings and successes, including implementing a public option and expanding payment reforms. Allows states to transition to single-payer health care systems.
Closes tax loopholes and ends subsidies provided to oil, gas and coal companies. Addresses the climate change crisis by enacting a price on carbon pollution while holding low-income families harmless. Invests in clean and renewable energy, which creates middle class jobs, boosts the economy, and cuts pollution.