THE PEOPLE’S BUDGET
The People’s Budget eliminates the deficit in 10 years, puts Americans back to work and restores our economic competitiveness. The People’s Budget recognizes that in order to compete, our nation needs every American to be productive, and in order to be productive we need to raise our skills to meet modern needs.
Our Budget Eliminates the Deficit and Raises a $31 Billion Surplus In Ten Years
Our budget protects Social Security, Medicare and Medicaid and responsibly eliminates the deficit by targeting its main drivers: the Bush Tax Cuts, the wars overseas, and the causes and effects of the recent recession.
Our Budget Puts America Back to Work & Restores America’s Competitiveness
• Trains teachers and restores schools; rebuilds roads and bridges and ensures that users help pay for them
• Invests in job creation, clean energy and broadband infrastructure, housing and R&D programs
Our Budget Creates a Fairer Tax System
• Ends the recently passed upper-income tax cuts and lets Bush-era tax cuts expire at the end of 2012
• Extends tax credits for the middle class, families, and students
• Creates new tax brackets that range from 45% starting at $1 million to 49% for $1 billion or more
• Implements a progressive estate tax
• Eliminates corporate welfare for oil, gas, and coal companies; closes loopholes for multinational corporations
• Enacts a financial crisis responsibility fee and a financial speculation tax on derivatives and foreign exchange
• Extends tax credits for the middle class, families, and students
• Creates new tax brackets that range from 45% starting at $1 million to 49% for $1 billion or more
• Implements a progressive estate tax
• Eliminates corporate welfare for oil, gas, and coal companies; closes loopholes for multinational corporations
• Enacts a financial crisis responsibility fee and a financial speculation tax on derivatives and foreign exchange
Our Budget Protects Health
• Enacts a health care public option and negotiates prescription payments with pharmaceutical companies
• Prevents any cuts to Medicare physician payments for a decade
• Prevents any cuts to Medicare physician payments for a decade
Our Budget Safeguards Social Security for the Next 75 Years
• Eliminates the individual Social Security payroll cap to make sure upper income earners pay their fair share
• Increases benefits based on higher contributions on the employee side
• Increases benefits based on higher contributions on the employee side
Our Budget Brings Our Troops Home
• Responsibly ends our wars in Iraq and Afghanistan to leave America more secure both home and abroad
• Cuts defense spending by reducing conventional forces, procurement, and costly R&D programs
• Cuts defense spending by reducing conventional forces, procurement, and costly R&D programs
Our Budget’s Bottom Line
• Deficit reduction of $5.6 trillion
• Spending cuts of $1.7 trillion
• Revenue increase of $3.9 trillion
• Public investment $1.7 trillion
• Spending cuts of $1.7 trillion
• Revenue increase of $3.9 trillion
• Public investment $1.7 trillion
EXCERPT CREDO EMAIL
Every year, millions of seniors and people with disabilities find that they need constant care that care can cost as much or more than many working families’ household incomes. When savings run dry, Medicaid is there.
Every year, millions of parents are unable to provide health insurance for their children, or find that private insurance doesn’t cover the care required by a child with special needs. When our families run out of options for providing children’s healthcare, Medicaid is there for us.
All our families pay into Medicaid so we can have the peace of mind of knowing that it’s there for us, for our neighbors, when we need it. That’s a far better deal for the country than giving more money to CEOs who already have everything.
CEOs like Terry Lundgren of Macy’s, with millions of dollars banked in their personal corporate retirement funds, will probably never need Medicaid, or many of the other vital public programs they’re asking Congress to cut. But the most responsible thing they could do for the economy right now is to pay their fair share and stop asking for cuts that hurt the communities their success depends on.
You might have heard that the banks and investors who got massive government handouts after the market crash in 2008 are back on Capitol Hill asking for more. They want to keep the historically low tax rates Bush gave them and pay for it with cuts to vital programs like Medicaid, and they’re turning up the heat on progressive legislators.
You and I didn’t really expect Wall Street’s bailout kings to win any citizenship medals, but this time they’re bringing along CEOs from companies like Macy’s, UPS, Microsoft and Foot Locker to help put a friendlier face on their greed. Over 100,000 of us, in partnership with CREDO Action, have already asked Macy’s CEO to drop out of this coalition and it’s time to take the campaign to the next level.
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