Fifth, we have got to eliminate tax breaks for companies shipping American jobs overseas. Today, the United State government, despite our losing over 55,000 factories in the last 10 years, continues to reward companies that move U.S. manufacturing jobs overseas through loopholes in the tax code. Eliminating these loopholes would raise more than $582 billion in revenue over the next ten years and bring jobs back home to America.
What else? Ending corporate welfare for big oil, gas and coal companies; requiring Medicare to negotiate with the pharmaceutical companies for lower drug prices; taxing capital gains and dividends the same as work; establishing a progressive estate tax; and eliminating waste, fraud and abuse at every agency in the federal government would reduce spending by more than $350 billion and raise a significant amount of revenue without harming the middle class.
Taking these steps would reduce the deficit by more than $5 trillion.
Finally, and importantly, with these kinds of savings we could invest aggressively in rebuilding our crumbling infrastructure, transforming our energy system away from fossil fuels and restoring our manufacturing base. That investment could create millions of decent paying jobs, make our country more productive and help us lead the world in addressing the crisis of global warming.
Despite what virtually all Republicans and some Democrats want, we must not balance the budget on the backs of a collapsing middle class or the poorest people in our society.
Despite what virtually all Republicans and some Democrats want us to ignore, we must create the millions of jobs working families still desperately need.
The American people have been very clear, in poll after poll, that they do not want to cut Social Security, Medicare, Medicaid, veterans' needs, education and other vitally important programs. They also have been clear that they do want the wealthy and large corporations to start paying their fair share of taxes. This agenda, the agenda of the American people, is what I will be taking into the lame-duck session. I ask for your support.