Each year, the commemoration of the birthday of Dr. Martin Luther King Jr. is a reminder of the remarkable contribution he made to all of us through his courageous defense of civil rights, human dignity …
Read the full story »By: Clyde Weiss January 25, 2012
Tuesday night, addressing the nation in his State of the Union speech, President Obama called on the wealthiest Americans to pay their fair share of taxes.
Proof that they often don’t is found in GOP Presidential candidate Mitt Romney’s federal tax return for 2010 – which he only reluctantly agreed to release under pressure from Newt Gingrich, his rival for the GOP nomination. The tax papers, released yesterday, showed he and his wife paid an effective tax rate of just 13.9 percent on taxable income of $21.7 million. Is that fair?
Since more than half of his earnings are considered capital gains and dividends, they are taxed at a top rate of 15 percent. But for those of us whose income is derived from actual work – called ordinary income – the top federal tax rate is 35 percent. Romney calls it “entirely legal and fair.”
Legal? Perhaps – but why should investment income be treated differently than ordinary income?
“The most affluent Americans in recent years have pulled away from the rest of us, and the reason is at least in part that they are able to compound their wealth at very, very low tax rates,” University of Southern California law professor Edward Kleinbard says in a recent article in Bloomberg. “Romney’s tax return, with its heavy reliance on income taxed at low capital gains rates, demonstrates that.”
If Newt Gingrich had his way, he’d entirely eliminate taxes on investment income (stock dividends and capital gains). Under that plan, Romney said during the Jan. 23 GOP presidential debate in Tampa, “I’d have paid no taxes in the last two years.”
Even a senior adviser to Romney realized the unfairness of that approach. Stuart Stevens, quoted in a story in The Washington Post, says, “Governor Romney thinks that’s unfair.”
So do we. The current tax code is unfair to the working middle class – a group that at least some in the GOP Presidential field would like to argue doesn’t even exist. We don’t need to keep enriching the richest 1 percent. We need to help the 99% whose spending is the engine of our economy.
“We need to change our tax code so that people like me, and an awful lot of members of Congress, pay our fair share,” President Obama said in his State of the Union speech. He went on to explain:
“Tax reform should follow the Buffett Rule. If you make more than $1 million a year, you should not pay less than 30 percent in taxes. And my Republican friend Tom Coburn is right: Washington should stop subsidizing millionaires. In fact, if you’re earning a million dollars a year, you shouldn’t get special tax subsidies or deductions. On the other hand, if you make under $250,000 a year, like 98 percent of American families, your taxes shouldn’t go up. You’re the ones struggling with rising costs and stagnant wages. You’re the ones who need relief.”
Statement of AFSCME President Gerald W. McEntee after Pres. Obama’s State of the Union address
Washington, DC —
“President Obama has a plan to move our country forward, create jobs and find real solutions. The choices Congress makes …
This year’s International Convention is in Los Angeles, CA.
AFSCME 40th International Convention
Date: Mon., Jun. 18 – Fri., Jun. 22, 2012
Location: Los Angeles Convention Center Los Angeles, CA
Event Type: Convention
Please share this information about this valuable and free event with your members. It makes learning about money fun!
Saturday March 10, 2012 • 9:00 am – 3:00 pm at Baltimore City College HS 3220 The Alameda …
Washington, DC — The American Federation of State, County and Municipal Employees, AFL-CIO (AFSCME) Employees Pension Plan (“the AFSCME Plan”), today announced that it has filed 21 shareholder proposals designed to protect and enhance the …
Take your family to see one of the greatest nights in sports entertainment as the world famous Harlem Globetrotters make their annual stop in Baltimore!
Download the flyer for more information.
“Testing Reveals, Waiting Conceals”
Thursday, December 1, 2011 | 11:00 a.m. to 3:00 p.m.
Prince George’s Community College
Largo Student Center Community Rooms A, B and C
301 Largo Road, Largo MD 20774
HIV and Sexually Transmitted Disease (STD) Testing,
Light …
Memorial to Freedom Fighter slated to open in 2013, 100 years after her death
In August 2011 Governor Martin O’Malley announced that the U.S. Department of Transportation has awarded the State of Maryland $8.5 million in …
The City’s 2012 Open Enrollment is scheduled for October 17, 2011 through October 28, 2011. During that time employees will be able to log on to the City’s benefits website at www.baltimorecity.essbenefits.com to make changes to coverage and to sign up for new plans. This year the City will hold three days of Benefit Health Fairs on October 19, October 26 and October 27, 2011 from 9:00 a.m. to 4:00 p.m. at the War Memorial Building. All of the City’s vendors will be present at the Benefits Fairs to provide valuable information and wellness services. Free flu shots will be available. The staff from the Employee Benefits Division (EBD) will be at the Benefits Fairs to answer questions and assist any employee or retiree who needs help logging onto the online benefits enrollment system.
Date:
Saturday, October 15, 2011
Location:
National Sylvan Theater
15th & Independence Ave.
Washington, DC 20002
AFSCME will co-sponsor a rally and march in Washington, DC, to coincide with the ceremony to dedicate Dr. Martin Luther King Jr.’s National Memorial, the …
Proven record of fully funding schools
Settled contracts with public employee unions that valued employee sacrifices and funded negotiated pay increases.
Mayor Rawlings-Blake holds monthly labor-management meetings to address concerns before they become major problems.
Restored funding for …
This entry by AFSCME President Gerald W. McEntee is cross-posted from Firedoglake.
As we celebrate Labor Day 2011, working families face greater attacks on their economic security than at any time since the days of the robber …
The Baltimore City Department of Transportation would like to advise motorists of the traffic modifications that will be implemented for the 2011 Inaugural Baltimore Grand Prix race. The streetscape of downtown Baltimore is being transformed …
AFSCME Maryland National AFSCME Blog
