Dear MoveOn member,
In the next 24 hours, your representative, Carolyn McCarthy, will vote on whether to extend George W. Bush's millionaire bailout for another two years. The vote is on the "deal" President Obama agreed to with Republicans last week.
There are a million reasons why more giveaways to the rich when so many Americans are struggling is a horrible idea. And before Congress votes, we need to make sure they hear each and every one of those reasons.
That's why we asked MoveOn members across the country to submit their own personal reasons for why they oppose the millionaire bailout. So far we've collected over 150,000, like this one from Neil: "Because they're ALREADY millionaires. At most, I'm a hundredaire." Can you help up us double—or triple—that today?
We're delivering all of these reasons directly to congressional staffers throughout the day—including right now, while a lot of members of Congress are deciding how to vote. The more they hear from outraged voters, the more likely they are to vote against the "deal." Just click here to submit a reason—or two.
Extending tax breaks for the top 2% is deeply unpopular and economists agree it is a terrible way to create jobs or help the economy—the top 2% don't spend this money, so it doesn't stimulate the economy.
But the "deal" President Obama struck with Republicans is terrible in other ways too. Consider these key facts:
- The deal has not one but TWO millionaire bailouts. The deal will slash the estate tax, also known as the "Paris Hilton tax." If Congress did nothing, next year the estate tax would be 55% and apply to everyone inheriting $1 million or more. But the deal reduces it to 35% and only people who inherit more than $5 million will have to pay. This second bailout will give a gigantic tax giveaway to a few thousand of the richest families in the country and add hundreds of billions to the national debt.1
- The deal is a stealth attack on Social Security. The deal will lower the payroll tax—the tax that funds the Social Security trust. Republicans have been coming after Social Security for years and this cut is the biggest threat to the vital program in decades. When we need to restore the payroll tax back to its current level, Republicans will cry "tax increases" and could gut it permanently. 2
- For nearly one in three workers, it's a tax increase. Nearly 50 million working Americans—including all workers making less than $20,000 per year—and millions of federal, state, and municipal workers will see their taxes go up because of the deal.3
We need Congress to hear all the reasons passing more giveaways for the rich is a terrible idea. Please submit a few ideas of your own today.
Thanks for all you do.
–Nita, Robin, Ilyse, Steven, and the rest of the team
1. "Estate tax deal: worst part of a bad tax compromise," The Christian Science Monitor, December 7, 2010
2. "Tax Cut Deal A Hidden Threat To Social Security," The Huffington Post, December 8, 2010
3. "Obama-Republican Deal Could Mean Tax Hike For One In Three Workers," The Huffington Post, December 10, 2010
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