What Obama Should Run On In 2012
Reich lays out a great plan to restore stability to the economy, fight the deficit and put people back to work:
- Raise the tax rate on the rich to what it was before 1981
- Raise capital gains taxes to the same level
- Tax financial transactions
- “Use the bulk of this money to create good schools, give our kids access to a college education, and build a world-class infrastructure, so all our children have a chance to get ahead”
- Resurrect the Glass-Steagall Act, that used to separate commercial from investment banking
- Cap the size of Wall Street’s biggest banks and break up the biggest
- Require the big banks that got bailed out to modify the mortgages of millions of Americans now under water, who owe more than their homes are worth
The top 1 percent has an almost unprecedented share of the nation’s wealth and income yet the lowest tax rate in 30 years. Meanwhile, America faces colossal budget deficits that have already meant devastating cuts in education, infrastructure, and the safety nets we depend on. The rich must pay their fair share. Income in excess of $1 million should be taxed at 70 percent – the same rate as before 1981.
I agree with Reich. If he even does half of these things, my support of Obama would change from hesitantly pulling the lever for the less of two evils to actually encouraging others to vote for him.
I’m less convinced than Reich that Obama is willing to take on any of these proposals and fight for them.
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