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Time to talk about tax reform. Talking about money: mine and ours Private money Wages Investment Inheritance Private opportunities: Housing, transport,

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Presentation on theme: "Time to talk about tax reform. Talking about money: mine and ours Private money Wages Investment Inheritance Private opportunities: Housing, transport,"— Presentation transcript:

1 Time to talk about tax reform

2 Talking about money: mine and ours Private money Wages Investment Inheritance Private opportunities: Housing, transport, education, recreation, healthcare, recreation, contacts, Public money Taxes Fees Communal opportunities: Transport, safety, green space, courts, democratic process, arts, clean air, education, recreation Protect the vulnerable Shelter, health care, crisis intervention, help for seniors, people with disabilities and children

3 Private Money

4 Current private income distribution

5 Concentration of wealth since 1980

6 The best things in life aren’t free The cost of raising a child in a middle-income family has increased by 40 percent since Every child-rearing expense has steeply increased: day-care, education, food, gas, medical insurance, etc

7 The 2008 recession was the worst blow Many megabanks brought down the economy by creating and selling risky financial products – with our money $15 trillion in personal wealth was gone -- Almost $50,000 for every man, woman and child in the US $ 6.1 trillion in housing value disappeared -- As if a hurricane destroyed every house in every state on the Atlantic coast from Maine to Florida 8.4 million jobs were lost The losses were huge

8 Investors have fully recovered …

9 Too many Americans have not… Milwaukee's poverty rate at 29.4%

10 Public money

11 Public money creates opportunities for everyone Public money sustains the middle class

12 Public money sets the groundwork for economic growth and security Dane County Airport Sewage System Highway system Chippewa Valley Tech College Sanitation system Port of Green Bay

13 Tax policy moves money We can decide: where to collect it how much to collect how to use it how to keep the public informed The less money we collect, the less we have to use for the public good. The less we get from corporations and the super rich, the more they have to invest in elections and lobbying. City water system

14 14

15 Not everybody pays their fair share

16 CorporationProfitsTaxes Owed PWhat could we buy Mattel$1 billion$270,000,0000 Family Caregiver Support Wisconsin Energy $1.7 billion$456,000,0000 Senior employment and training programs Corning$2 billion$540,000,0000 Annual funding for Alzheimer’s research Du Pont$2.1 billion$567,000,0000 Rheumatoid arthritis meds for 60,000 people Honeywell$4.9 billion$1.3 billion0 Health insurance for 80,000 workers Boeing$9.4 billion$2.54 billion0 National Park Service Gen Electric$10.5 billion$2.84 billion0 Small Business Administration Verizon$32.5 billion$8.8 billion0 Environmental Protection Agency Wells Fargo$49.4 billion$13.34 billion0 National School Lunch program

17 Tax policy now grows wealth for the top 1% “280 consistently profitable Fortune 500 companies paid about half the statutory corporate tax rate while spending $2 billion to lobby Congress on tax policy and other issues” As low as 15% 25% 28%

18 Top taxes are low-especially for the richest with income over $87 million

19 19 Causes of the federal deficit

20 House of Rep./Ryan Budget Plan Make all Bush tax cuts permanent Maintain capital gains tax rate at 15%, no Buffet Rule Maintains current FICA cap, no increase above $110k Reduce tax rates for wealthy to 25% - average gain = $175,000 Reduce other tax rates to 10% Cut the formal corporate tax rate to 25% Eliminate taxes on overseas profits Repeal Alternative Minimum Tax and taxes in Affordable Care Act Estimated Reduction in Revenues over 10 years: $10 trillion

21 Impact of Spending Cuts in House/Ryan Budget 17 million people lose access to health care 21 million low-income Americans lose Medicaid within 7 years. 8 million people lose Food Stamps 2 million children removed from Head Start 1.8 million women, infants, and children lose food and healthcare support (WIC) Over 1 million students lose Pell Grant support

22 Making the changes we need Polls consistently show that increasing taxes on the wealthy is hugely popular. In a recent Gallup poll, 62 percent of respondents said “upper- income people” were paying too little in taxes. In a CNN poll, 68 percent of Americans agreed that “the present tax system benefits the rich and is unfair to the ordinary working man or woman,” and 72 percent said they support changing the tax code “so that people who make more than one million dollars a year will pay at least 30 percent of their income in taxes.”


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