Mr. President, we heard what you said last week in Kansas – about the dangers to our economy and democracy of the increasing concentration of income and wealth at the top.
We agree. And many of us are prepared to work our hearts out to get you reelected – as long as you commit to doing what needs to be done in your second term:
— Raise the tax rate on the rich to what it was before 1981. The top 1 percent has an almost unprecedented share of the nation’s wealth and income yet the lowest tax rate in 30 years. Meanwhile, America faces colossal budget deficits that have already meant devastating cuts in education, infrastructure, and the safety nets we depend on. The rich must pay their fair share. Income in excess of $1 million should be taxed at 70 percent – the same rate as before 1981.
— Raise capital gains taxes to the same level. It’s absurd that the 400 richest Americans – whose wealth exceeds the wealth of the bottom 150 million Americans put together – should pay an average 17 percent tax on their incomes, the rate day laborers and child-care workers pay. That’s because so much of the income of the super-rich is considered capital gains, now taxed at only 15 percent. Close this loophole.
— Tax financial transactions. A tiny tax on every financial deal would yield billions of dollars more. It would also slow speculators and reduce the wild gyrations of financial markets.
— Use the bulk of this money to create good schools, give our kids access to a college education, and build a world-class infrastructure, so all our children have a chance to get ahead.
— Resurrect the Glass-Steagall Act, that used to separate commercial from investment banking. It was put in place after the Great Crash of 1929 to prevent financiers from gambling with peoples’ bank deposits. But it was repealed in 1999 – and its repeal contributed to the Crash of 2008. Wall Street lobbyists have made sure the new Dodd-Frank law has enough loopholes to allow financiers to continue to gamble with other peoples’ money. The only way to stop this is to bring Glass-Steagall back.
— Cap the size of Wall Street’s biggest banks and break up the biggest. They were too big to fail before the bailout. They’re even bigger now. And because of their huge size they get preferential treatment from the Fed, giving them an even greater competitive advantage over smaller banks. Cap their size and break them up before we have to bail them out again.
— Require the big banks that got bailed out to modify the mortgages of millions of Americans now under water, who owe more than their homes are worth. It’s not their fault the banks created a housing bubble that burst, causing home values to plummet.
Mr. President, we know nothing good happens in Washington unless good people outside Washington are organized and mobilized to make it happen.
So here’s the deal: We’ll reelect you. We’ll stand behind you. We’ll give you a mandate to do all this – and more – in your second term.
As long as you stand behind us.
Deal?
Help us Prepare for Trump’s Day One
Trump is busy getting ready for Day One of his presidency – but so is Truthout.
Trump has made it no secret that he is planning a demolition-style attack on both specific communities and democracy as a whole, beginning on his first day in office. With over 25 executive orders and directives queued up for January 20, he’s promised to “launch the largest deportation program in American history,” roll back anti-discrimination protections for transgender students, and implement a “drill, drill, drill” approach to ramp up oil and gas extraction.
Organizations like Truthout are also being threatened by legislation like HR 9495, the “nonprofit killer bill” that would allow the Treasury Secretary to declare any nonprofit a “terrorist-supporting organization” and strip its tax-exempt status without due process. Progressive media like Truthout that has courageously focused on reporting on Israel’s genocide in Gaza are in the bill’s crosshairs.
As journalists, we have a responsibility to look at hard realities and communicate them to you. We hope that you, like us, can use this information to prepare for what’s to come.
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In addition to covering the widespread onslaught of draconian policy, we’re shoring up our resources for what might come next for progressive media: bad-faith lawsuits from far-right ghouls, legislation that seeks to strip us of our ability to receive tax-deductible donations, and further throttling of our reach on social media platforms owned by Trump’s sycophants.
We’re preparing right now for Trump’s Day One: building a brave coalition of movement media; reaching out to the activists, academics, and thinkers we trust to shine a light on the inner workings of authoritarianism; and planning to use journalism as a tool to equip movements to protect the people, lands, and principles most vulnerable to Trump’s destruction.
We’re asking all of our readers to start a monthly donation or make a one-time donation – as a commitment to stand with us on day one of Trump’s presidency, and every day after that, as we produce journalism that combats authoritarianism, censorship, injustice, and misinformation. You’re an essential part of our future – please join the movement by making a tax-deductible donation today.
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With gratitude and resolve,
Maya, Negin, Saima, and Ziggy