There has been a lot of talk about the Republican’s regressive budget put forward by Paul Ryan. Unfortunately, the main stream media has not given the Progressive caucus’ budget the same attention and that is what I will do here.
The Progressive budget is properly named the “People’s Budget” was released April 6th, 2011. This budget eclipses Ryan’s plan to balance the budget,
“The CPC (congressional progressive caucus) budget eliminates the deficit in a way that does not devastate what Americans want preserved, specifically, Medicare, Medicaid, and Social Security. Instead of eroding America’s hard earned retirement plan and social safety net, our budget targets the true drivers of deficits in the next decade: the Bush Tax Cuts, the wars overseas, and the causes and effects of the recent recession. By implementing a fair tax code, by building a resilient American economy, and by bringing our troops home, we achieve a budget surplus of over $30 billion by 2021 and we end up with a debt that is less than 65% of our GDP.”
The budget is also a job creator, which is essentially what this country desperately needs now!
“The CPC budget rebuilds America and makes it competitive again. We put America back to work. We rebuild our roads and bridges, ensuring that those who use it help pay for it. We rebuild our dams and waterways with seed money for shipping systems that can compete with the rest of the world. We rebuild our education system by training more and better teachers, restoring schools, helping each student graduate, and supporting community colleges.”
As more and more eyes are on Corporate tax dodgers, the Progressive plan attacks this issue head on. United States corporations’ foreign income would be taxed as it is earned, rather than when it comes back to the United States. This would increase domestic investment and bring many jobs back to our shores and make it harder for the corporations to justify outsourcing American jobs.
Eliminate corporate welfare for oil, gas, and coal companies
Our budget repeals exploration and development expensing, preferential tax treatment of royalties, and domestic manufacturing deductions, among other tax preferences, for oil, natural gas, and coal producers.
Wall Street gaming tax
A tax on credit default swaps, both sides of futures and forwards, option
premiums and foreign exchange spot transactions. This is a tax levied directly against the manipulators who caused the financial crisis.
Last but not least our social contract
• Enact a public option
• Negotiate Rx payments with pharmaceutical companies
• CMS program integrity and other Medicare and Medicaid savings in the president’s budget
• Prevent a cut in Medicare physician payments for a decade (maintain doc fix)
• Raise the taxable maximum on the employee side to 90% of earnings and eliminate the taxable maximum on the employer side
• Increase benefits based on higher contributions on the employee side
The Congressional Progressive budget is by far the leader in the budget battle. Unlike the regressive Ryan plan, it doesn’t balance our nation’s books on working families of the middle class, it protects our nation’s social contract, like Medicare, Social Security and other programs established to help the backbone of our country.
This budget needs to be involved in the national debate and hopefully there will be a discussion by the Democrats to latch onto and support this budget.