MANAGED DEBT WELL UNTIL WE ALLOWED BIG MONEY CONTRIBUTIONS
Debt and Corporate Tax Cuts
The United States is 248 years old. For the first 220 years, through 2 World Wars, we accumulated a total Debt of around $5 Trillion. Late 1990's Big Money turn on the contribution firehose steering us on the wrong track. Our debt is now $36 Trillion. We've amassed over $30 Trillion in debt in 25 years.
We submit that tax cuts enacted disproportionately for the wealthy and profitable corporations are primarily responsible for our massive National Debt. In 1981, Congress enacted the largest tax cut in U.S. history equivalent to $19 trillion over a decade in today’s terms. Congress balanced the budget in the late 90's however our debt continued to climb. Then in the early 2000's, Congress again cut taxes for the rich equivalent to $16 trillion. In 2017, Congress taking directions from their contributors cut taxes again equivalent to $10 trillion.
Congress has written over 7,500 pages of Tax Codes riddled with write offs and deductions for the rich while cutting credit card interest deductions for the poor. In 1983, Congress decided to taxed Social Security income to further reduce taxes on corporations and the rich.
We now have corporations with Billions in profits with zero tax consequences while small businesses are taxed as much as 25% or more .
After Decades of Costly, Regressive, and Ineffective Tax Cuts, a New Course Is Needed.
Our tax codes were bought and paid for by "Big Money" Campaign Contributions.
Consumer Debt
Usury Laws in the United States have a long history, dating back to the colonial era. These laws protected consumers by prohibiting excessive interest rates on Consumer Debt (Consumer Debt is Credit Card debt, Student Loans, Auto Loans, Mortgages, and Payday Loans.) As late as 1970, the prevailing attitude was nobody charged over 10% except for The Mob and Organized Crime.
In the 1980's, Congress gave in to intense lobbying by their Corporate Contributors and passed legislation overriding state usury laws. This opened the door to todays predatory lending.
Today, we have saddle our children with thousands of dollars of Student Loan Debt. Congress cut funding to schools and gave tax cuts to the rich.
They allow corporations when they are faced with financial hardship to reorganize under bankruptcy while denying students that privilege. This the pinnacle of congressional corruption.
The Middle Class is hurting while the rich get richer from massive campaign contributions.