A new report from United for a Fair Economy shows that since 2000, more than a third of the progress made in the 1990s in reducing poverty among African-American families has been erased, as 300,000 of these families fell below the poverty line from 2000 to 2003.
Responsible Wealth member and business leader Arnold Hiatt commented, “Even with the major cuts in basic human services this budget is anticipated to propose, Mr. Bush is leaving our children a crushing legacy of debt. In effect, the tax cuts for the rich are creating a new birth tax on every baby born in our country. This soaring deficit continues to undermine the soundness of our economy.”
Dr. Elizabeth A. Letzler presented the group’s Responsible Tax Pledge and signed it, along with other affluent Americans. “We calculate that 257,000 American millionaires are scheduled to receive an average of $123,592 each in federal tax breaks this year, based on data from the Tax Policy Center,” said Letzler. “That alone totals $32 billion. Today we’re launching a drive to have these millionaires pledge to refuse the tax breaks and donate the proceeds to charity.”
Responsible Wealth is a national network of over 800 business people, investors and affluent Americans who are concerned about the deepening wealth divide in America and who advocate widespread prosperity. The Responsible Tax Pledge, along with a tax break calculator, can be found at http://www.responsiblewealth.org.
via IPA
Max Sawicky on children’s savings accounts.