Analysis: Giveaways to Wealthy are Largest Contributor to U.S. Debt

An analysis by the non-partisan Center for Budget and Policy Priorities has found that the Bush-era tax cuts are the single largest contributor to the United States’ public debt, far bigger than the economic downturn, the measures enacted to combat it (including the 2009 Recovery Act), and the financial rescue legislation.

As the analysis stated, “Simply letting the Bush tax cuts expire on schedule (or paying for any portions that policymakers decide to extend) would stabilize the debt-to-GDP ratio for the next decade.”

If that’s the case at the federal level, think about the role the Carcieri breaks to the wealthy have played in Rhode Island’s fiscal situation. We can’t afford to keep slashing services for the poor and raising property taxes for working families to produce bigger and bigger handouts to the state’s most fortunate.

And this week, you have the opportunity to stand up against these failed policies! H6095, the 95/5 Civic Responsibility bill (which would raise $134 million in FY2012 by restoring upper-bracket rates to their previous levels, affecting only 5% of Rhode Islanders) has a hearing before the House Finance Committee this Thursday at 1pm. We know conservative groups will be there to try to drown out the voice of reason, which is why it’s so important that supporters of fair taxes join us Thursday. If you have a story about how the inequality of the current tax structure is hurting you, those are the stories that our legislators need to be hearing.

So come out Thursday at 1pm! RSVP on Facebook or email rifairtaxes@gmail.com with questions or if you’d like to testify.

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Aaron Regunberg is a community organizer in Providence and a state representative in House District 4.

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