By Devin Leonard and Romesh Ratnesar – At first glance, it is difficult to take the Occupy Wall Street protests seriously—in part because the participants seem to be having so much fun. The frivolity was deceiving. The Occupy Wall Street protests have proven more organized, disciplined, durable, and yes, businesslike, than critics—and even many supporters—might prefer to believe.
The conditions that gave rise to Occupy Wall Street aren’t going away. This is a major difference between the current protests and the antiglobalization movement of the late 1990s, which sought to rally public opinion against multinational corporations at a time when the U.S. was enjoying the longest run of prosperity in a generation. Now unemployment remains moored north of 9 percent. More than 23 percent of homeowners owe more on their loans than their homes are worth. And yet until recently, the country’s biggest financial institutions have reaped record profits. Median pay for CEOs across all industries increased 27 percent in 2010, compared with 2.1 percent for the average worker. more> http://twurl.nl/6g4j0e
By John Endean – The USA Tax Act was introduced in the Senate in 1995 by two of the finest legislators of their generation, Democrat Sam Nunn and Republican Pete Domenici.
For individuals, the USA Tax has two essential characteristics. First, through a combination of graduated rates, large exemptions and a deductible family living allowance, it can be made as progressive as policymakers choose.
Additionally, the USA Tax would permit individuals an unlimited deduction for personal savings. In other words, taxpayers would subtract their net new savings each year from their annual income. They would be taxed on the remainder, which, by definition, is their annual consumption. more> http://twurl.nl/0e0k4b
Fish & Bicycles - What a brilliant idea…and how very sad that the U.S. isn’t doing projects like this on a grand scale, all over the country, simply because we’re so paralyzed by political and governmental corruption and dysfunction.
By Manu Raju and Scott Wong – The Senate descended into procedural chaos Thursday night as Democrats forced a change in Senate rules and shut down a GOP effort to bog down a Chinese currency bill with a series of unrelated amendments.
Senate Majority LeaderHarry Reid’s move to suddenly overhaul a key Senate rule without warning infuriated Republicans and put an already bitterly divided chamber on edge as senators from both sides of the aisle traded angry accusations over whether the fight would fundamentally limit the rights of the minority party. more> http://twurl.nl/yoe2ue