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Time to talk about tax reform. Talking about money: mine and ours. Private Money. Current private income distribution. Concentration of wealth since 1980. The best things in life aren’t free.

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the best things in life aren t free
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 2000. Every child-rearing expense has steeply increased: day-care, education, food, gas, medical insurance, etc

the 2008 recession was the worst blow
The 2008 recession was the worst blow

Many megabanks brought down the economy by creating and selling risky financial products – with our money

The losses were huge

  • $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

too many americans have not
Too many Americans have not…

Milwaukee's poverty rate at 29.4%

public money creates opportunities for everyone
Public money creates opportunities for everyone

Public money sustains the middle class

public money sets the groundwork for economic growth and security
Public money sets the groundwork for economic growth and security

Sanitation system

Port of Green Bay

Dane County Airport

Highway system

Sewage System

Chippewa Valley TechCollege

tax policy moves money
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

City water system

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.

tax policy now grows wealth for the top 1
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”

28%

25%

25%

25%

As low

as 15%

house of rep ryan budget plan
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
impact of spending cuts in house ryan budget
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
making the changes we need
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.”