I am livid, disgusted and appalled! And, I am far from alone!
In a last-ditched effort to avoid the fiscal cliff, both Democrats and Republicans in
the US Senate and House passed legislation to stave off what surely would have
been disastrous, both at home and globally. In the process, and most likely to
garner affirmative votes, legislators allowed at least $67.9 billion (per Congress’
Joint Committee on Taxation) – that’s billion with a “B” – for special interests to
be added on. Pure pork!
Dozens of tax breaks for business and industry including about $70 million for a
cost-recovery program for “motorsports entertainment complexes”; i.e.
racetracks! Tax breaks for Hollywood producers who shoot movies and TV
shows in the US at a cost of about $430 million over the next 2 years. Legislation
allowing US corporations to defer taxes on some income earned from their
overseas subsidiaries costing the US Treasury $10.8 billion over this year and
next. An agreement to subsidize the domestic production of rum by sending
federal tax revenue collected from rum production in Puerto Rico and the US
Virgin Islands back to them. A $15 million dollar-a-year tax break to the
asparagus industry to compensate for a cheaper product from South America. A
tax break for people who buy electric scooters, Segways, and such! And, the list
goes on . . .
I understand that the purpose of the deal was to prevent steep spending cuts and
tax increases, which basically impact the middle class, from automatically taking
effect in 2013. However, Debbie Wasserman Schultz of Florida, Member of
Congress and Chair of the National Democratic Committee, who I happen to
respect, is remiss when she categorizes this “deal” as “a big gift-wrapped present
of certainty to the middle class.”
The one item both Democrats and Republicans ignored – whether purposefully
or not – was the 2% Social Security tax, enacted by President Obama in 2010
and extended through 2012. By quietly allowing this payroll tax “holiday” to
expire, all households – especially middle class households - will suffer a 2% tax
increase! So, once again, the middle class – who were promised “no tax
increase” and are encouraged and expected to spend their hard-earned money
to stimulate the economy – are being hit where it hurts!
One interesting observation; apparently no one outside of the Beltway was aware
of all the unnecessary, wasteful and obscenely expensive pork attached to this
bill until after the deed was done. Washington politics as usual! No wonder
Americans have little faith or confidence in their elected officials.
I cannot sit back and condone what is happening and not speak my mind. As I
said, I am certainly not alone. Tax breaks for industries raking in enormous
profits, pork projects bordering the ludicrous, subsidies for not producing, millions
of dollars in foreign aid to countries who revile us in return, costly and endless
wars – these are abhorrent to most taxpayers.
I am aware that Social Security, Medicare and Medicaid are costly. They also
advantage those American citizens who are the neediest. I would urge great care
when considering “entitlement” reform. American citizens – your voting
constituents – would prefer taking care of our own first.
At the same time, I urge Congress to revisit this issue and reinstate the 2%
reduction in the Social Security tax.
Submitted by;
Wendy S. Caputo
1357 Wampanoag Trail
Riverside, RI 02915
401-433-1338