Author’s note: This is a rehash of an article I did in May, but since it seems to be getting no media attention, I am doing it again. I wonder how most Americans would respond to headline like this in the mainstream media…
Excerpt:
On Tuesday, another congressman, John Conyers, co-sponsored a bill, H.R. 5353, that was introduced in the House in May that would eliminate the federal income tax on the first $35,000 of all Americans’ earnings.
That means every individual earning $35K per year or less would pay no federal income tax, which includes most Americans. Furthermore, those earning more than $35K per year would pay taxes only on the amount in excess, and married couples earning up to $70K per year would also get the tax break on their first $35K of earnings.
The bill proposes to compensate for the loss in revenue by cutting $159.3 billion in supplemental war funding, thereby limiting defense spending to $548.9 billion: the exact figure alloted in the fiscal year 2011 budget.
H.R. 5353, known as the War is Making You Poor Act, is sponsored by Florida congressman Alan Grayson (D-8th District). The bill is now co-sponsored by Reps. John Conyers (D-MI), Walter Jones (R-NC), Dennis Kucinich (D-OH), Barbara Lee (D-CA), Ron Paul (R-TX) and Lynn Woolsey (D-CA).
In a speech on the House floor on May 20, Grayson stated that the bill would do three things. Firstly, it forces the Pentagon to pay for the wars out of the $549 billion already allocated in the defense budget. Secondly, it enables 90% of the savings from $159 billion in supplemental war spending to cover the cost of making the first $35K of every Americans’ earnings ($70K for married couples) free from federal income tax. Thirdly, it ultimately reduces federal spending and the deficit because the remaining 10% would be applied to that, and rather than borrowing money to pay for the wars that have no financial return of investment, the money saved by taxpayers can be spent to help stimulate the economy.
It may be unlikely that this bill will actually become law – House Speaker Nancy Pelosi (D-CA) has already declared her opposition to the bill, along with four prominent Republicans in the House. A House vote on this legislation, however, would force any legislator that votes against it into what can also be construed as a vote against lowering taxes, against reducing federal spending and against reducing the deficit. At the very least, it illustrates to Americans how much the wars cost in terms of their tax dollars.
Read more, get links and video here: Madison Independent Examiner – “War is Making You Poor” act would mean no federal income tax for most Americans