Progressive Dems’ Budget Proposes Raising Taxes, Ending Wars

By Rachel Christiansen

The House Progressive Caucus introduced their own deficit reduction today, which counters the plans put forth by President Obama and Republican Rep. Paul Ryan (R-Wis.).

Entitled, “The People’s Budget,” the plan has almost no shot of being passed. It mainly proposes cutting defense spending and increasing taxes as a means of slicing the deficit by $5.6 trillion over the next decade. The plan, according to progressive lawmakers, would create a surplus of $30.7 billion by 2021.

On taxes, $3.9 trillion worth of savings would come from revenue increases. The plan would sunset the Bush tax cuts at the end of next year, eliminate subsidies to oil companies and raise rates on almost all individual taxpayers and corporations. In addition, it would increase capital gains taxes and impose a “financial responsibility fee” on big Wall Street firms.

It would, however, keep in place several popular tax credits that generally benefit members of the middle class. Lawmakers said Wednesday that their plan “implements a fair tax system based on the American notion that fairness and equality are integral to our society.”

On defense, the plan proposes cutting the Pentagon’s budget by $2.3 trillion over the next ten years, and ends the wars in both Iraq and Afghanistan. In a statement, members of the caucus said “We end these wars not simply to save massive amounts of money or because the majority of America is polling in favor to do so, but because these wars are making America less safe, are reducing America’s standing in the world, and are doing nothing to reduce America’s burgeoning energy security crisis.”

“Under the People’s Budget, we finally bring the troops home,” added Rep. Lynn Woolsey (D-Calif), one of the caucus’ 83 members.

Click here to read more…

About TRNS Washington Desk

View all posts by TRNS Washington Desk
News updates from on and around Capitol Hill.

No comments yet.

Leave a Reply

You must be logged in to post a comment.

The World in 2:00 – November 25, 2015

The World in 2:00

The U.N. warns that political crisis in Burundi is dragging the country toward civil war.

DHS Releases Video On Refugee Vetting Process

Refugees wait for food deliveries at Syria's Yarmouk camp. February 26,2014. UN Photo/UNRWA.

“We can continue to ensure our own security, while doing our share to welcome refugees fleeing violence,” Secretary of Homeland Security Jeh Johnson said.

Wednesday, November 25

● USPIRG releases 30th annual toy safety report

● 86,000 Syrian immigrants live in the U.S.

● Atheist “nativity” celebrates Bill of Rights

● Doctors endorse wider use of generic drugs

● Post office starts “Letters FROM Santa”

● Girls’ toy list: Barbie soars as Frozen fades

Pentagon: Russian Jet Was Flying Over Anti-Assad Rebel Area

Pentagon press secretary Peter Cook said that U.S. forces heard the Turks give ten warnings to the two Russian pilots to leave the airspace.

Tunisia Declares State Of Emergency After Bus Blast Kills Presidential Guards

Tunisian President has declared a month-long state of emergency after the bus explosion carrying presidential guards killed 12 and injuring at least 17. Sources say the attack may have been linked the Islamic State group (ISIS).

US-Led Coalition Against IS to ‘Continue as Planned’ After Turkish Border Dispute With Russia

A spokesman for the US-led military campaign against IS confirmed Turkish claims that the downed Russian warplane was given ten warnings over a period of five minutes.