I would like to share some thoughts on the so-called fiscal cliff.
In 1945 our deficit was 127 percent of GDP because of WWII. Today, the deficit is about 100 percent of GDP, mainly because of two unfunded wars and the 2008 economic collapse. Also, in 1945, our top tax rate was 91 percent with today's top rate at 35 percent. In addition, in 1945 for every $1 we paid in income tax, corporations paid $1.50. Presently, for every $1 we pay in income tax, corporations pay 25 cents. Today about 25 percent of large corporations pay no income tax according to bea.gov.
From 1945, into the 1970s, our country enjoyed great prosperity with higher tax rates and corporations paying their fare share.
Enter the 1980s and corporate lobbyist Grover Norquist made taxes a dirty word. In 1986 he crafted the Taxpayer Protection Pledge, which forbids raising taxes. This pledge has been signed by about 95 percent of GOP lawmakers. Break it and face political consequences.
Also during the 1980s the American Legislative Exchange Council came to be. This organization custom crafts legislative bills that favor corporations. GOP lawmakers who are members bring these pre-written bills back to their colleagues to be voted on and put into law.
Doug Ericksen is a member of American Legislative Exchange Council. Jason Overstreet signed the Taxpayer Protection Pledge.
We need to remove corporate influence from our government and return power to the people.