Why we need to rescind the Wealthy Level Bush Tax Cuts and Pass I1098 in WA State.

This is mainly for Washington State residents, but also important to think about nationally.

Here's one big reason why we need I1098 and the expiration of the "Bush Tax Cuts" for the wealthiest individual incomes:

"Here's something else that helps the wealthy: Though hiring is scarce, executive bonuses are flowing, and they are definitely back on Wall Street after falling sharply in 2008. And sales at Tiffany's flagship store in New York City shot up 20% over the past holiday season.

Working middle-class families, meanwhile, remain antsy about spending. And sales at the places they generally shop, like J.C. Penney (JCP, news, msgs), Target, Wal-Mart Stores (WMT, news, msgs) and Macy's (M, news, msgs), continue to languish." (by Michael Brush, "Why this is a rich man's recovery". http://articles.moneycentral.msn.com/Investing/CompanyFocus/why-this-is-a-rich-mans-recovery.aspx, 3-24-2010).

Keep in mind that to those who have been given much, much is expected in return. For those who aspire to be true Christians here's a quote from the Bible, "If there be among you a poor man of one of thy brethren within any of thy gates in thy land which the LORD thy God giveth thee, thou shalt not harden thine heart, nor shut thine hand from thy poor brother" (Deut 15:7, King James Version). The money raised by I1098 will certainly help provide medical help for the poor and the financially stressed among us, not to mention the benefits to Education.

It might also help some to remember who really made out since 2008. It wasn't the poor and it wasn't the middle class. Outlandish bonuses were paid to upper managements of banks and corporations--some of which were in major danger of bankruptcy, meaning big losses overall. This is a major failing of capitalism.

In those organizations, it was NOT upper managements who were laid off. If some were, they received large severance packages, adding to their already bloated net worth. There are many studies which show that additional wealth to the wealthy is largely held closely, not used to benefit the common weal (meaning wealth or well-being).

Had the federal government not intervened with loans, there might have been unemployment at 25% and another Great (or greater) Depression, Fortunately, as with the Savings and Loan Crises in the 1980's, it appears that much of the Government's loans will be recovered over the next few years.

If capitalism were working properly, the managers of these plutocratic organizations would have been fired, not rewarded with bonuses, for their inability to foresee the downturn in their organizations. Government itself failed in not confiscating these ill-gotten bonuses, clawing back this money, and using it to help offset the general economic decline which has caused such economic pain among the middle and lower classes. The magnitude of TARP and other emergency government measures might have been lower, given a clawback.

However, a clawback might have occurred were it not for the excessive power in our system of the corpocractic plutocracy. It will take years for this story to fully play out in the courts, but the littler Bernie Madoffs were the ones who are largely invisible and who really made out; and, the vast majority of them laugh up their sleeves at you. I1098 is an attempt to achieve a small measure of clawback in Washington State. Rescinding the Bush tax cuts for the wealthy is another small attempt on the broader stage.

If the Gates'--Sr and Jr--recognize this, why don't you? Surely, you are NOT among the 38,000 who would see a relatively small decrease in their income stream through a small tax increase--a tax increase that will not affect the lifestyle of these few, but which might possibly improve yours.

And, if you truly believe that this is just a benefit to the government, and not to you, I have a pothole out front that could use your help. I'll be looking to see if you fill it anytime soon. Money gained through I1098 will offset other state general funds that ARE necessary to get our infrastructure fixed and improved--bridges, roads, and potholes.