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Responsible Fiscal Cliff Resolution

By       Message Stephen Lendman       (Page 4 of 9 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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Tentative ones are AMT amounts times alternative minimum taxable income less the AMT foreign tax credit. Regular ones equal income tax obligations minus foreign and possessions tax credits. 

The AMT is a very complicated. It's a parallel tax system. Ordinary people need accountants to determine if it affects them. What began in 1969 is totally dysfunctional. Many middle income earners are hard hit. Nominally it wasn't supposed to be this way.

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Patches rectify things annually. Failure to do so assures voter rage. It's been avoided so far. Given bipartisan agreement to destroy America's social contract, anything is possible ahead.

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Social destructiveness is prioritized. Doing what's right is spurned. Imagine the difference effective policies would make. Key ones include:

Putting money power back in public hands where it belongs. The Constitution's Article I, Section 8 mandates it.

Public banking works. It's an idea whose time has come. Privatized money power is destructive. Regaining public control more than ever is needed. 

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Colonial America prospered that way tax and inflation-free. It's the same wherever it's instituted. Imagine if Wall Street's controlled Federal Reserve was nationalized.

Its franchise would be abolished. Giant banks could be broken up. Too-big-to-fail ones could end. Insolvent ones would be shut down. Responsibly run public ones would replace them. 

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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