Please do not support President Obama’s likely concession to the Republican “Grand Bargain”: three cuts in spending for every dollar raised from “revenue enhancements”.
For $1 trillion in revenue enhancements, President Obama wants to cave into the Republicans and cut $3 trillion in spending, including social security, medicare, medicaid, and other entitlements, but sparring the military-industrial complex, which consumes 20% of our annual federal budget.
On December 31, 2012, it would be much more beneficial to the middle class to just let those Bush tax cuts expire on the wealthy, including the return of the Clinton-era tax rates of as much as 39.6% on ordinary income and 20% on capital gains as well as the removal of the special tax treatment accorded to dividend income and carried interest for billionaire hedge fund managers.
Please do not support President Obama’s allegiance to Wall Street; please support the middle class and labor: the people who voted you into office again.
I did not vote for you to cave into Wall Street as President Obama will do once again.
William Brighenti, CPA
Please urge your Representative in the House and your Senators to vote for tax increases on the rich rather than cuts to social security, medicare, and medicaid. Thank you.