I was in Java Express about twenty minutes ago, I talked to eight well-dressed gentlemen from my neighborhood who were waiting to board the Metra for another day of job search in downtown Chicago. One guy helps identify boiler plant problems for Quill engineering and recently did an insurance assessment for two of the boilers that heat Leo High School. He has been laid off since 2009 and pick up part time work for Quill. Another was a senior accountant for one of the big firms. Another man had worked for the State of Illinois and so on.
They shell out $3.50 each way to walk the Loop for work.
All of them were talking about the lousy state of the American economy and all of them had voted for Barack Obama.
" This mess will not turn around for years or longer. They will get worse if they eliminate the Bush Tax Cuts. No one will hire and no new work will get off the ground."
One guy explained that the Building Trades have completely atrophied out of fear that more taxes to small businesses are on the way.
I raise money for Leo High School and I know that when taxes are low Charitable Giving increases. Every foundation took severe hits to income, when the economy collapsed and unless new revenue off-sets those losses, it will be much tougher to scare up donations. Take look here and see what is planned -
The estate taxes will gut Chariatble Planned Giving! Money that would have been set-aside to help inner-city schools like Leo will evaporate. Not only that, we do two mailings a year and the Leo Alumni are wildly generous, but if taxes cut into disposable income more than they are doing now hold the phone.
A guy in his late sixties or early seventies is living off of the income that he and his bride managed to sock away, as well as his shrinking IRA and dollops from Social Security. These older gents and their wives also have children in their thirties and forties who are out of work and they are sending them a few dollars. When the dollars get fewer for these generous people, Leo High School gets less income to off-set tuitions for the families Leo helps. Even Congressman Barney Frank screamed like a Banshee when he could not produce Identification to qualify for a $1.00 Ferry Ride to Fire Island, last Friday.
The Bush Tax Cuts are the latest in Straw Dog that the out of ideas DNC and the corporate Media stake out to scare and divide people.
Tax Cuts work for everyone - especially the poor black kids trying to get an education here at Leo.
The reality is that the increase in the top marginal income tax rate to higher than 41% will hit the most profitable small businesses especially hard. That's because millions of business owners pay individual rates under Subchapter S of the tax code. Today, this means they pay the same top rate as the Fortune 500: 35%. But if the 2003 tax rates expire, they'll suddenly pay more than Goldman Sachs.Wall Street Journal
New data from, of all places, the Democratic-run Joint Committee on Taxation show that in 2011 roughly 750,000 taxpayers with net business income will pay the highest marginal rate of 39.6% or the next highest bracket of 36% (up from 33%). About half of the roughly $1 trillion of total net business income will also be reported on those returns. In a stroke, that will make tens of billions of dollars unavailable to invest or to hire new workers.
Save the Rhetoric and that 'Show America The Will to Eliminate Taxes for the Rich' that the idiots of MSNBC, CNN and the DNC are tossing around.
Tax cuts help everyone. Debt kills everyone. This I know, because the eight guys boarding the Metra at 107th Street are dying without work.